www.proactiveinvestors.com.au
December 24, 2009
Wave Energy Developer Carnegie Corporation Energy (ASX:CWE) has penned a formal CETO Collaboration and Licensing Agreement with Northern Hemisphere Development partner EDF EN. The signing of the license is the final step in the purchase process of the CETO intellectual property and global development rights by Carnegie Corporation paving the way for joint development of commercial CETO projects throughout the Northern Hemisphere and Reunion Island. Carnegie Corporation retains the right to own up to 49% of each project and each project will pay the company a license fee for the use of the CETO technology.
Carnegie Corporation's Managing Director Dr Michael Ottaviano said "I'm delighted to have completed the CETO purchase transaction and to be formally collaborating with EDF EN on developing CETO projects internationally". "We expect to have further news on international developments in the New Year." The signing of this Agreement allows the issue of the Carnegie Corporation shares to Renewable Energy and its nominees as consideration for the purchase of the CETO intellectual property and development rights and results in REH becoming a 29% shareholder in Carnegie Corporation.
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