March 18 (Renewables Now) - A key shareholder in Carnegie Clean Energy (ASX:CCE) and a company associated with one of its directors have agreed in principle to provide interim funding support in order to enable a recapitalisation of the core Carnegie wave energy business.
As previously announced, Carnegie Clean Energy placed into voluntary administration the company and the units that make up its Energy Made Clean (EMC) solar and microgrid business. The Australian firm provided further details today, saying in a bourse filing that its CETO wave energy subsidiaries are not involved in the process.
Carnegie explained that it will go through a recapitalisation so it could return to its core business of wave energy. Interim funding support to aid this process will come from Mooney & Partners Pty Ltd, a firm associated with director and shareholder Grant Mooney, and key stakeholder Asymmetric Credit Partners Pty Ltd. This is subject to finalisation of documentation and other approvals.
The goal is to sell or wind down the loss-making EMC business, including EMC Co Pty Ltd, Energy Made Clean Pty Ltd and EMC Engineering Australia Pty Ltd, Carnegie said.