Perth wave companies seeking $7.5m

Cargenie Clean Energy's CETO 5 unit operating off Garden Island

Two Western Australian wave energy companies, Stonehenge Metals and industry leader Carnegie Wave Energy, are raising a combined $7.5 million in fresh capital to power their next stages of growth.

Carnegie, which is developing the Perth Wave Project at Garden Island off Fremantle, will attempt to raise $5 million through a share purchase plan for existing shareholders at a 10 per cent discount to its 30-day shareprice.

The company said it needs funds to further develop its next generation CETO 6 wave technology, which is now part of a microgrid project with utility Western Power.

Western Power will assess the technical challenges of enabling a two way flow of power between a large integrated network and a microgrid that has a mix of renewable sources of generation, including wave energy.

Carnegie managing director Michael Ottaviano said the company would continue to innovate throughout the next year with development of its commercial wave product platform and integration into the microgrid project.

“In addition to our UK and European Ceto project development work, we’ve recently announced relationships with the governments of Mauritius and Seychelles for Ceto and microgrid collaboration,” Mr Ottaviano said.

“We would expect to convert these sorts of opportunities into project work in the next 12 months. Being well capitalised is crucial to securing these opportunities.”

Stonehenge Metals is also seeking to raise $2.5 million in an Initial Public Offer, saying it has received interest to date totalling $1.5 million. Stonehenge is developing its Protean Wave Energy Converter and has a demonstrator project at Perth’s Coogee Beach.