Carnegie Wave Energy has received an $11m grant for its next wave power project from the Australian Federal Government.
The $46m CETO 6 project, capable of delivering energy at approximately half the cost of CETO 5, will be developed at Garden Island.
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Received from the Australian Renewable Energy Agency’s (ARENA) Emerging Renewables Programme, the $11m grant is in addition to Clean Energy’s $20m loan facility for the project.
ARENA CEO Ivor Frischknecht said the funding will be used by the company to progress towards commercialisation of its CETO technology, which could significantly advance wave energy in Australia and internationally.
"CETO 6 also allows for offshore power generation, which could enable additional applications for the technology operating further from shore, in deep water," Frischknecht said.
"The $46m CETO 6 project represents the next generation of Carnegie’s landmark wave technology and is expected to deliver energy at approximately half the cost of CETO 5," Frischknecht added.
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By GlobalDataThe project will generate power for the Australian Department of Defence for use at HMAS Stirling, Australia’s largest naval base, which is located on Garden Island, under Carnegie’s existing power supply agreement.
Carnegie managing director and chief executive officer Dr Michael Ottaviano said: "This grant funding represents a crucial element of the CETO 6 Project and we are delighted to have achieved this outcome at this time."
The CETO 6 project comprises three CETO 6 units and will be connected to the Western Australian electricity grid.
The CETO 6 unit in the project has a target power capacity of 1MW (1,000kW) while significantly reducing power costs.
Image: Illustration of the CETO 6 project. Photo: courtesy of Carnegie Wave Energy.
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