I don't hold, but thought holders might be interested in this...

I don't hold, but thought holders might be interested in this article.

WA wave energy company signs deal with SA Govt
11th February 2009, 11:15 WST

A WA company pioneering renewable wave energy technology has received plaudits from South Australian Premier Mike Rann after signing an agreement with his government.



Under the agreement, the Carnegie Corporation will investigate the best location for a wave energy project off the South Australian coast adjacent to Port MacDonnell.



It is the first agreement the company has signed outside its home state.



Mr Rann said wave power, like geothermal power, had the potential to provide a huge base load of sustainable energy in the future.



“Whether this is the right site will depend on these tests, but Carnegie is one of several emerging companies taking up the challenge of providing a new form of base-load sustainable energy,” he said.



Mr Rann said his government would do all it could to open the way for companies such as Carnegie that were investing in renewable energy in South Australia.



Carnegie Corporation managing director Dr Michael Ottaviano said the South Australian coast received a world class wave energy resource and the project would be able to connect into the national electricity grid.



The licence term covers three years with a further three year right of renewal. The State’s Energy Minister will be able to grant a life-of-project lease at any time during the licence period.



Carnegie's technology uses a series of submerged buoys anchored to the ocean floor and tethered to seabed pump units.



The movement of the buoys in the waves drives the pumps which send pressurised seawater ashore via pipelines.



The water is then used to drive hydro turbines, generating base load, zero-emission electricity.



The pressurised seawater can also be used to supply a reverse osmosis desalination plant.



Carnegie has already begun work on commercial demonstration projects at Garden Island and Albany.



Carnegie shares closed up two cents, or 15.39 per cent, to 15 cents.