Carnegie’s Albany Wave Energy Project Funding Falls Through

CETO 6 wave energy device (Image Carnegie Clean Energy)

The State Government of Western Australia has elected to terminate Carnegie’s Financial Assistance Agreement for the Albany Wave Energy Project , the company said on Tuesday.

The company said it is disappointed with this decision as the State Government were provided with a revised project funding plan in February which outlined Carnegie’s plans to deliver the Albany Project over an extended timeline and with a reduced budget.

According to the company, the changes presented in the funding plan would:

– Enable Carnegie to optimise the project spend profile in order to reduce the amount of research and development (R&D) Tax Incentive cash rebates that would be lost under the proposed changes to the R&D tax incentive;

– Provide additional time to incorporate a number of design innovations into the CETO unit to be deployed in Albany. These innovations would reduce the capital cost of the project and the
long term levelised cost of energy of the CETO technology, a key driver of Carnegie’s technology development pathway.

This significant new development must now be incorporated into the strategic review currently underway,” Carnegie said.

The company said it will update the market in due course.

Share this article

Follow Marine Energy

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Green Energy & Expo 2019

Conferenceseries LLC Ltd is an amalgamation of Open Access Publications and worldwide international science conferences and events…

read more >

EWTEC2019

The European Wave and Tidal Energy Conference (EWTEC) series are international, technical and scientific conferences…

read more >

SPE 2019

SPE Offshore Europe is recognised by offshore E&P professionals as Europe’s leading E&P event…

read more >