ceto and reh

See attached link. CNM often moves after REH news. At least their making a bit of money up north.
Cheers
JD

http://www.iomtoday.co.im:80/isle-of-man-business/Isle-of-Man-based-renewable.4471948.jp

Isle of Man-based renewable energy group's £1.1m profit

A RENEWABLE energy group run by the former chief executive of the Manx Electricity Authority has posted profits of £1.1million.
Mike Proffitt is in charge of the day-to-day operation and development of Isle of Man-based Renewable Energy Holdings plc (REH), which was listed on AIM in February 2005. The group's stated aim is to reduce carbon emissions and greenhouse gases by 'innovative technologies' in renewables.

Announcing interim results for the six months ending June 30, 2008, Renewable Energy is reporting a profit before tax of £1.1million, an increase in revenue by 149 per cent to £4.6million and revenue of £2million from the sale of rights to use CETO technology in the southern hemisphere.

Meanwhile, finance from Standard Chartered Bank has been increased from 135million euros to 183million euros to enable the expansion of the group's wind farm portfolio.

Mike Proffitt said: 'We have created a platform for the growth of our asset portfolio, both in terms of our financial and human resources. We continue to make good progress on the expansion of our proven technology assets and are moving towards the commercialisation of CETO, our proprietary wave energy technology.

'There is growing interest in sound renewable energy technologies and we are well positioned to take advantage of the increasing opportunities.'

REH has identified potential sites for CETO wave farms and reports encouraging progress in wind asset expansion in Germany and new projects in Poland and Wales.

The group hopes to become a world leader in all forms of renewable energy production.

Chairman John Baker says: 'The pre-commercial design of CETO, our unique wave energy technology, has been undergoing tests and sea trials in Perth, Western Australia.

'Whilst the development of a new technology such as CETO cannot be without risk in terms of the need to modify the engineering or of possible delays, we have increasing confidence in the technology and its commercial viability.

'The costs to commercialise the CETO technology are now estimated to be some £4.75million and the group has de-risked these costs through a licence agreement with the Carnegie Corporation Limited. Carnegie has agreed to pay £4.75million to purchase the rights to use the CETO technology in the Southern Hemisphere, subject to the payment of licence fees and royalties on each project they develop.'

REH says it is well placed to seize the opportunities created by threats of global warming and increasing gas and oil prices.


The full article contains 421 words and appears in n/a newspaper.Page 1 of 1

Last Updated: 10 September 2008 10:03 AM
Source: n/a
Location: Isle of Man