Wave energy co Carnegie raises USD 5.4m of capital

Carnegie Wave Energy Ltd (ASX:CWE) has obtained AUD 7.5 million (USD 5.4m/EUR 5.1m) from an oversubscribed capital raise to continue the commercialisation of its CETO wave energy technology, the Australian company said on Wednesday.

The company launched a capital raising of AUD 5 million via a share purchase plan with potential for oversubscriptions at the start of November. It has accepted oversubscriptions of AUD 1.5 million and has also accepted a further AUD 1 million of commitments through a private placement.

Carnegie has said it will use the funds raised as working capital along with existing resources, including loan and government grant financing. The working capital will support the development of the company's CETO 6 project on Garden Island off the western Australian coast as well as its recently announced Garden Island microgrid project and international project developments, according to the previous announcement.

(AUD 1.0 = USD 0.720/EUR 0.680)

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