Wednesday 13 May 2009

Carnegie inks CETO deal

Adelaide Advertiser
Tuesday 12/5/2009 Page: 39

OCEAN wave energy company Carnegie Corporation will buy all the intellectual property and global development rights for the CETO Wave Energy Technology, it said yesterday.

Carnegie Corporation signed a heads of agreement with CETO rights owner UK-based Renewable Energy Holdings for 252 million shares, worth $20.8 million yesterday, and giving Renewable Energy 35% of Carnegie Corporation.

The deal, which needs shareholder approval, would give Carnegie Corporation opportunities to set up its wave energy technology in the U.S., Europe and Asia. Carnegie Corporation was licensed in February to explore the seabed off the state's South-East coast for SA's first wave farm.

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