Carnegie comeback?

BELEAGUERED North Fremantle company Carnegie Clean Energy finally got some good news last Friday when its Garden Island microgrid became operational.

The two-megawatt solar/battery grid is now producing clean renewable energy for Australia’s largest naval base, HMAS Stirling, situated on the island.

Carnegie is in the midst of trying to raise capital to get re-listed on the Australian Stock Exchange after going into voluntary administration in March.

Last week a Carnegie investor on the HotCopper stock forum posted that CEO Jonathan Fievez was phoning around the top 30 shareholders to raise money for the recapitalisation.

“What it really boils down to, if the top 30 share holders commit to the capital raising, they will achieve their objective in raising the necessary funds for CCE to be re-capitalised as many of the larger share holders are looking at taking upm [sic] the shortfall,” speckyraider posted.

• Garden Island microgrid.

Carnegie’s share price had been steadily falling in recent years with investors concerned that its wave-to-energy CETO technology, which had been under development for years, was still not commercially viable.

Investors were also concerned that Carnegie was too reliant on capital raisings and grants to stay afloat.

The company was originally called Carnegie Wave Energy, but was rebranded Carnegie Clean Energy in 2016 in a bid to diversify and become self-sufficient.

As part of the diversification it acquired solar hybrid developer Energy Made Clean in a $13 million deal, but it was a white elephant and pushed the share price into free-fall.

In March the company was suspended from the stock exchange for failing to submit its half-yearly results. Shortly afterwards the state government terminated Carnegie’s $16 million contract for an Albany wave farm and the company went into administration.

The Garden Island microgrid has the capability to connect wave energy “in the future”. Carnegie did conduct a large-scale trial of its wave technology at Garden Island, but it’s since been decommissioned, with critics of the company complaining about the lack of detail on whether it was a success. Carnegie will retain ownership of the grid after any recapitalisation.

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