Carnegie Clean Energy, a clean energy company based in Perth, have raised $5.3 million for improvements and investments in its solar, battery, and wave energy businesses.
Carnegie Clean Energy Funding Round
The raised funds will be invested into working capital so Carnegie is able to complete its existing projects which include wave, solar, and battery storage microgrid projects. The extra money will ‘further develop its contract and project pipelines, and to further expand the business’, according to RenewEconomy.
Carnegie’s CEO Michael Ottoviano has been in the press a lot lately and made some comments after the successful funding round:
“We thank our shareholders for their support in the capital raise,” he said.
“We will now use this new capital and our existing funds to accelerate our businesses towards financial sustainability.”
“We have achieved this at a time when this sector is at the start of a period of rapid growth. Our ability to be innovative both technically and commercially creates the opportunity to accelerate the growth our business to achieve and sustain profitable ongoing operations within the next 12-24 months.”
Dr.Ottoviano was quoted last year discussing the increasing competitiveness of renewables:
“We are fielding an increasing number of opportunities that historically were performed by diesel or gas turbines, for which battery systems are now increasingly competitive. The CCE battery solution offers faster response time, lower operating cost, no greenhouse gas pollution, and silent operation.”
Carnegie have also been responsible for some huge solar projects in Australia (which are in various states of progress), namely:
- A 2MW, 500kWh Battery Energy Storage System (BESS) at the General Motors Holden site in Elizabeth, South Australia.
- A 10MW ‘battery ready’ solar farm in Northam.
- The Kalbarri microgrid.
- The Garden Island microgrid.
The company was founded in 1987 as Carnegie Wave Energy but has since expanded and renamed itself after purchasing solar and battery microgrid developer Energy Made Clean. Click here to visit the Carnegie website.
Keep an eye on CCE on the ASX! Current price is at $0.032 as per InvestSmart.