Carnegie Wave Energy Raises Funds for Australian Power Project

Carnegie Wave Energy Ltd. (CWE), a producer of technology that generates power from the sea, raised A$5.8 million ($6.1 million) to build its first grid-connected project off Perth, Western Australia.

The company got a grant from the state government as well as about A$3.5 million from private investors, mostly existing shareholders, Perth-based Carnegie said today in a statement.

The 2-megawatt wave-power project will cost about A$31.2 million, of which more than half is now government-funded, the statement shows. Construction will start in 2013, with power sent to the grid at the end of that year.

To contact the reporter on this story: Louise Downing in London at ldowning4@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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