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Carnegie receives $12.5million from WA State Government

Wave Energy Developer Carnegie Corporation Limited (ASX:CNM) advises that the Western Australian State Government today announced that Carnegie will receive $12.5
million from the State’s Low Emissions Energy Development (LEED) fund.

Carnegie’s Managing Director Dr Michael Ottaviano said:
“We are extremely pleased by this announcement which will result in the creation of green investment and jobs in Western Australia and is a major boost for Carnegie’s wave powered, commercial demonstration project.”

“We look forward to finalising the details of the contracts with the State Government of Western Australia to allow the funds to be distributed once agreed milestones have been reached.”

Carnegie’s commercial demonstration project is planned to be a 50MW peak installed wave energy plant and has the potential to save 240,000 tonnes of carbon dioxide equivalent emissions a year.