Carnegie Wave Energy has acquired 100% of Australian Energy Made Clean company, subject to formal agreements and shareholder approval.
The agreement will see Carnegie invest $2.6 million in staged cash and $10.4 million in Carnegie shares to take the remaining 65% per cent stake in EMC, adding to the 35% stake it currently owns. EMC is a specialist in the design, construction and operation of microgrids, commercial scale solar projects and energy storage systems.
Through this acquisition, Carnegie is now at the forefront of designing, developing, financing, constructing, operating and maintaining microgrids, utilizing a combination of wave, solar, wind, energy storage, the company noted.
Earlier this month the company secured $3.7 million funding for the Garden Island solar, battery and wave integrated microgrid project. The project will involve the construction and installation of a 2MW solar PV array, a 2MW/0.5MWh battery energy storage system and control system both to be integrated with Carnegie’s CETO technology and existing desalination plant.
Carnegie managing director, Dr Michael Ottaviano said: “We’ve been extremely impressed with EMC’s capability to deliver unique, pioneering microgrid systems to blue-chip clients such as Western Power, Synergy, Horizon Power, Water Corporation and the Australian Department of Defence.
“The potential for the global microgrid market is estimated at US$40 billion by 2020. This acquisition unlocks Carnegie’s ability to deliver a unique, in-house capability to capitalize on a rapidly growing segment of the renewable energy market globally.
“Microgrids are increasingly a major part of the renewable energy market as they can deliver cost competitive, clean power and energy security. It is the right time to seize this opportunity.”
EMC’s managing director, John Davidson added: “With Carnegie we will be able to grow larger, more quickly and capture this enormous market opportunity.”
Carnegie’s analysis of the international island market alone has identified that there exists at least 40GW (out of 400GW of existing installed thermal capacity on islands) suitable to be replaced with wave energy, in addition to at least 360GW of the remaining market suitable for replacement with non-wave renewable energy microgrids. Navigant has forecast the global microgrid market to be worth US$40 billion by 2020.