...AND CHEAPER...:

"We are excited to demonstrate the technical and commercial potential of our CETO technology and thrilled to be part of the EuropeWave PCP program which will show future investors the wealth of exciting opportunities emerging within the wave energy industry.

"Wave energy is beginning to gain traction and will complement existing renewables such as wind and solar. Harnessing the power of our vast oceans is a vital step in our transition to the use of sustainable clean energy, and to achieve net zero emissions as soon as possible."

CETO Wave Energy Ireland's selection for the program marks another win for Carnegie in overseas markets, after a choppy few years in its own home market of Australia.

The company, which started its life as Carnegie Wave Power, went into voluntary administration in early 2019 after a series of blowouts and losses in former subsidiary microgrid business Energy Made Clean and the last-minute termination of a $16 million project contract planned for WA waters.

Carnegie was reinstated to the ASX in October of the same year, with the company's chairman at the time, Terry Stinson, saying the business had experienced "a very significant cultural reset" that would re-focus funds and efforts on its proprietary CETO technology.

"We continue to believe that our CETO technology, as part of the emerging wave energy industry, can be a major contributor to the reduction in harmful emissions and contribute to a cleaner world for generations to come," Stinson said.

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