(MENAFN - ProactiveInvestors - Australia) Carnegie Wave Energy (ASX: CWE) has raised A5.8 million to fund delivery of its Perth Wave Energy Project that is expected to deliver first power at the end of 2013.
The funding includes an addition A2.26 million in Western Australian and Federal grant funding, bringing the total up to A17.7 million, as well as A3.52 million in private capital from institutional and sophisticated investors.
Perth Wave Energy Project will deliver power to the Department of Defense's HMAS Stirling naval base on Garden Island, Western Australia, using Carnegie's patented CETO wave energy technology.
The demonstration plant consists of a up to 2 megawatt grid connected array that is expected to cost about 31 million.
It will consist of an array of submerged CETO units, subsea pipelines to shore, hydraulic conditioning equipment and an onshore power generation facility.
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