The company will use the funding, which will replace the existing $20m loan secured from the Australian’s Government’s Clean Energy Finance (CEFC), to make the technology export ready for global application.
Featuring features a pump, pod and hoses / fluid connection and tether which connects the pods to the foundation of the connector comprising synthetic rope, the CETO system is designed to convert ocean wave energy into electricity and desalinated water.
The submerged buoys drive pumps and generators and the generated power is delivered back to shore through subsea cables to power desalination plants, as well as for export into the grid.
A further loan facility of minimum of $1M is also being provided by the Commonwealth Bank for the Garden Island Microgrid (GIMG) Project.
Claimed to be world’s first wave-integrated microgrid project, the GIMG project will be located on Garden Island, Western Australia.
The project comprises the CETO 6 Project currently underway with the existing operating desalination plant along with a new additional solar photovoltaic (PV) farm, energy storage and a sophisticated control system.
Wave Carnegie Energy CFO Aidan Flynn said: "This cost competitive capital from the CBA will help Carnegie take a significant step forward in our development and commercialization of the CETO technology, including the integration of CETO into a microgrid with other renewable energy sources.
"This will put us in a strong position to compete in the global, developing wave energy market."
The CETO 6 unit is intended to generate 1MW of power, which is four times the capacity of the CETO 5 used in the Perth Project.
Power generated from the project will be supplied to the Australian Department of Defence at Australia’s largest naval base, HMAS Stirling, on Garden Island in Western Australia.
