Carnegie Wave Energy (CWE)

Shares / Stock Code

CWE

Stock Exchange / Sharemarket

ax

Carnegie Wave Energy (CWE), formerly Carnegie Corporation, is a wave energy and clean technology developer. The majority of CNM's resources are focused on developing the CETO Wave Technology (CETO). CETO coverts energy in the ocean's waves into zero-emission electricity and zero-emission desalinated water. CNM currently has CETO sites in Australia, Bermuda and Canada and is investigating other sites around the world. CNM also owns a number of emerging clean technologies.

The company was incorporated on 21 May 1987 as Marlin Exploration. CNM listed on the Australian stock market in Oct 1993. The company changed its name to Carnegie Minerals in 1993 and to Carnegie Corporation in 1999. The company again changed its name to Carnegie Wave Energy in September 2009. Investors can trade Carnegie Wave Energy shares on the Australian Stock Exchange (ASX).

CWE is the developer and exclusive licensee of the CETO Wave Energy technology within the Southern Hemisphere (excluding Reunion Island), which delivers it 100% ownership of every Southern Hemisphere CETO wave farm. The CETO technology is the only fully submerged wave technology capable of producing both clean electricity and zero-emission desalinated freshwater.

Carnegie Wave Energy plans to produce cost-competitive commercial quantities of zero-emission, base-load power and zero-emission desalinated freshwater. First production and sales are planned to commence in 2011-2013. CWE's pumping technology has potential applications in industrial processing in sectors such as food and beverage, confectionary, paper & pulp, brewing, waste, oil, personal healthcare, defense and ballast water. CWE competes with producers and developers of renewable energy sources.

Carnegie's strategy is to make money for their shareholders by investing in and developing clean technology projects. The world market for clean technologies and projects is undergoing rapid growth and Carnegie is well positioned to capitalise upon this growth primarily through its ownership and development of its CETO Wave Technology. Carnegie's executive team and directors have considerable experience in technology commercialisation and corporate leadership, providing a strong platform for future growth.