Carnegie and Defence Sign Landmark Wave Energy Agreement

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Carnegie and Defence Sign Landmark Wave Energy Agreement

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18 Juli 2012

Key power supply for Navy use wave energy (image : Carnegie)

Wave energy developer, Carnegie Wave Energy Limited (ASX:CWE), is pleased to announce the signing of key agreements with the Australian Department of Defence unveiled today by the Australian Prime Minister, the Honourable Julia Gillard, and the Federal Member for Brand, the Honourable Gary Gray, at Carnegie’s Wave Energy Research facility at Fremantle, Western Australia.

Australian Department of Defence (Defence) and Carnegie have signed formal power supply and grid connection agreements for the Perth Wave Energy Project on Garden Island, the base of HMAS Stirling, Australia’s largest naval facility. These agreements govern the exclusive purchase of all the electricity generated from the Perth Wave Energy Project and the connection of the wave project into the local HMAS Stirling electrical infrastructure.

The signing of this licence marks the end of a rigorous assessment process by Defence and symbolises their ongoing commitment to reducing their environmental footprint and supporting local industry. Whilst providing HMAS Stirling with a source of renewable green power, the project would also contribute to Defence and Commonwealth greenhouse gas reduction targets.Carnegie has been working with Defence since the signing of a Memorandum of Understanding in December 2008. Since then Carnegie has successfully demonstrated the CETO technology at large scale in the ocean offshore of Garden Island. At the same time, Carnegie has significantly developed the Project design and secured 50% government funding for the project. The Project received funding from the Government of Western Australia through the Low Emissions Energy Development Program as well as from the Australian Government as part of the Emerging Renewables Program.

PerthWave Energy Project Fact File

 CETO grid-connected, wave energy demonstration project.

 Australian Federal and Western Australian State Government grants funding approximately 50% of Project costs.

 Utilising Carnegie’s fully submerged and commercial proven CETO wave energy device.

 Providing clean, renewable energy to Australia’s largest naval base, HMAS

Stirling, on GardenIsland in Western Australia

(Carnegie Wave)

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Carnegie and Defence Sign Landmark Wave Energy Agreement

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