Carnegie Wave Energy Limited (ASX:CWE) is working with the...

Carnegie Wave Energy Limited (ASX:CWE) is working with the University of Western Australia on a $460,000 anchoring system project part funded by an Australian Research Council.

This is focused on researching and developing more efficient anchoring systems for wave energy converters.

Success could help lower the costs of wave energy projects including the company’s CETO system as anchoring represents a significant proportion of costs.

The company is currently progressing its CETO 6 unit in Western Australia that has targeted 1 megawatt capacity, about four times higher than the currently operating CETO 5 unit.

In June, CETO 5 hit a milestone after reaching 10,000 hours of cumulative, continuous operation.