Australian
Wednesday 15/4/2009 Page: 19
SHARES in Perth company Carnegie Corporation, which is seeking to develop wave-energy projects, rose to their highest in 10 months yesterday after it signed a funding accord with Investec for as much as $250 million. Shares rose 27% to a high of 26c before closing 14% higher at 23.5c.
The funding from the South African investment and private bank would finance a commercial demonstration wave-power project, according to Carnegie Corporation. But it was subject to milestones and conditions, including a successful application for federal government funding for the project. Carnegie Corporation's CETO technology uses a device that sits on the seabed and carries ashore high pressure seawater through a pipeline. It is used to produce either electricity or fresh water.
0 comments:
Post a Comment