Carnegie Clean Energy (formerly Carnegie Wave Energy) said it expected its annual revenue to surge 17-fold over a two-year period thanks to a push into solar power with the recent purchase of Australian firm Energy Made Clean (EMC).
The company told Reuters it was predicting revenue growth from $1.7 million last year to more than $30 million by 2018 as a result of the acquisition.
“That is a game changer for Carnegie, where we’ve gone from being an R&D company to being a company with rapidly growing revenues,” managing director Michael Ottaviano said.
Carnegie has also partnered with Lendlease Group, one of the country’s biggest residential development firms, which doubled its share price to a more than three-year high of $0.079.
The partnership is aimed at winning Australian contracts to design, supply materials and build solar and battery storage systems.
Mr Ottaviano said he sees the company expanding in tandem with the fast-growing microgrids market, which is estimated to grow at 50 per cent a year to approximately $20 billion by 2020.
Carnegie continues to develop its wave energy technology with a $11.7 million grant from the European Regional Development Fund for a UK project as well as funding from Canberra and Western Australia for an Australian project.
The company plans to eventually tie wave power into microgrids, along with solar and batteries.