reh ceto progress: bermuda

On another thread I asked a question about CETO progress for REH, the company that owns the CETO licence and exclusive rights for the northern hemisphere through another company called Seapower Pacific (based in Perth, WA). I should have checked their web site first! Anyway, here is an update about their CETO progress plus an interesting snippet about the Carnegie payments to REH (apologies if this is old news to you all):

"CETO Bermuda

On 5 August 2008, REH announced that it had entered in to a Memorandum of Understanding (“MOU”) with Triton Renewable Energy Limited (“Triton”), based in Bermuda, for an initial CETO test site off Bermuda. REH submitted a joint statement of intent (“SOI”) with Triton to Bermuda Electric Light Company Limited (“Belco”) for a demonstration site of 2MW to be developed and subsequently a grid connected 20MW installation.

The Board is now pleased to announce that it has received notification that its joint SOI with Triton has been successful and it expects to move forwards with development of the 2MW CETO test site in 2010, and then following acceptance and negotiation with Belco, this is likely to be followed by a roll-out to a 20MW installation.

Commenting on today’s announcement, Mike Proffitt, Chief Executive Officer of REH said: “We are delighted with the growth of sales from the German wind assets, despite the poor wind conditions at the end off the year, and with our Welsh landfill gas, both showing marked increases over 2007.

“These sales have produced sufficient revenue to cover our central operating costs as we plan the future growth of the company.

“Carnegie Corporation have substantially completed their acquisition of rights to use the CETO technology in the Southern Hemisphere and a payment of approximately £1.2 million is payable to REH during 2009 to complete this transaction. We look forward to the further development of CETO as a commercial product in the short to medium term.”

URL link:

http://www.reh-plc.com/news.asp?article=371&offset=