Carnegie buys technology

Business News
Thursday 28/2/2008 Page: 6

WEST Perth-based Carnegie Corporation has bought two new technologies, further strengthening its position as a diversified clean technology developer and operator. The two technologies - solar thermal and wind aerofoil - add to the company's portfolio of investments in wave, clean coal, solar and wind energy. The solar thermal technology collects and stores energy from the sun and draws heat as required for zero emission power generation. The wind aerofoil technology involves the use of an aerofoil, which is a wing or blade whose shape controls stability, direction, lift and force.

Currently in the computational modelling stage, the aerofoil shows improvement in efficiency is possible and applications may go beyond wind turbines into turbine technology more generally, according to Carnegie. Invented by Carnegie's chairman Alan Burns, both technologies are in the small scale prototype and provisional patent stage. Mr Burris is the inventor of a number of technologies either currently in commercial operation or under development. The technologies to date have been developed by a private research company in Perth.

Carnegie will pay no consideration for the technologies but will fund their development and pay a 2 per cent royalty on revenue earned by the technologies. The company has been operating in Perth for over 10 years and has a clean technology hub spread over five locations in Western Australia. Carnegie managing director Michael Ottaviano said Carnegie was in the unique position of being diversified and the only listed company involved in wave technology. "We will continue to add and acquire more clean technologies that fit with our development capabilities in Perth," he said.

In August 2006, Carnegie spun-off its mineral sands assets into the AIM-listed Carnegie Minerals Plc in order to concentrate on its clean energy activities. It currently retains a 45 per cent interest in Carnegie Minerals, which has projects in The Gambia and Senegal. Carnegie Corporation has continued to focus its efforts on expanding its exposure to the rapidly growing clean technology sector, and is on track to have wave powered CETO units operating off Fremantle by the end of 2008