Carnegie raises $5.3 million for solar, battery, wave

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

Carnegie Clean Energy Funding Round
Carnegie Clean Energy Funding Round (source: https://www.carnegiece.com/)

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:

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.

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General Motors Holden Site – 2MW, 500kWh BESS

Carnegie Clean Energy reported earlier this week that they have secured $3 million in government funding to build a 2MW, 500 kWh Battery Energy Storage System (BESS) at the General Motors Holden site in Elizabeth, South Australia. The funding will come from the Renewable Technology Fund, part of the South Australian Government’s Energy Plan.

Solar microgrid at the General Motors Holden Site 

General Motors Holden Site - Carnegie Battery Energy Storage System Example
General Motors Holden Site – Carnegie Battery Energy Storage System Example (source: carnegiece.com)

The site will provide grid-support services during peak times and, according to Infrastructure Magazine, will operate in tandem with the existing diesel backup generators at Elizabeth. 

Premier of South Australia Jay Weatherill said “This solar and battery project by Carnegie is part of a wave of new investment in South Australia we have leveraged through the $150 million Renewable Technology Fund announced as part of our energy plan.

“Renewable energy projects like this also reduce demand on the grid during peak times, which puts downward pressure on power prices for all South Australians. This project is symbolic of the broader transition we are seeing in our economy away from traditional manufacturing towards high-tech industries creating jobs of the future for South Australians” Weatherill added.

Carnegie’s Managing Director, Dr Michael Ottaviano, said, “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. This is Carnegie’s first project in South Australia and means we are now delivering projects right across Australia.”

According to Dr Ottoviano the company will cover approximately 20% of the plant’s roof space initially, but there is no reason they couldn’t end up using the other 80% as well: 

“It’s a way of looking at what formerly would have been just a roof and turning it into an energy production asset,” he said in news.com.au

South Australian Energy Minister Tom Koutsantonis discussed the effect it and other renewable investments are having on the job market: 

“Jobs are our number one priority and this solar battery project by Carnegie is part of a wave of new investment,” he said.

There have been many exciting developments for South Australian solar over the past 12 months and it’s great to see them keep coming. 

The microgrid is expected to commence operation by December. 

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