Carnegie Wave Energy has secured Au$7.5 million ($5.45 million) through an oversubscribed capital raise.
Carnegie bagged Au$6.5 million from share purchase plan, and another Au$1 million of commitments through a private placement undertaken with a group of investors who are mostly existing Carnegie shareholders.
The funding will be used for the commercialization of Carnegie’s CETO technology, and GIMG microgrid project development.
Carnegie had initiated a capital raising of Au$5 million via a share purchase plan (SPP) with a capacity to accept oversubscriptions.
Carnegie’s Board of Directors has decided to accept oversubscriptions of Au$1.5 million to enable a wider base of the existing shareholders to participate in the SPP.
Settlement of the A$7.5 million in funds and issue of shares will occur over the next 10 days.
Carnegie Wave Energy is an Australian wave energy developer of CETO technology that has successfully connected an array of three CETO 5 wave energy devices to the Australian grid in February this year.
Image: Carnegie Wave Energy