Share purchase to grow battery and wave business

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Carnegie Clean Energy Limited has raised $5.3 million to grow its solar, battery and wave energy businesses.

Carnegie’s Managing Director, Dr Michael Ottaviano, said “We thank our shareholders for their support in the capital raise. We will now use this new capital and our existing funds to accelerate our businesses towards financial sustainability.”

Carnegie announced on 30 April 2018 that it had initiated a Share Purchase Plan which allowed all eligible Carnegie shareholders to purchase between $2,500 and $15,000 worth of shares in Carnegie at 3.0 cents per share.

The offer price equated to approximately a 12 per cent discount based on the share price at the close of trading on 27 April 2018 and a 15 per cent discount on the 20 day volume weighted average price.

Carnegie said that the funds raised would be used to move its wave and solar/hybrid businesses toward profitability.

Specifically, funds raised were for working capital to deliver its existing projects; to further develop and convert its contract pipeline; to develop its build, own and operate project pipeline; and to pursue opportunities to expand its businesses either organically or through corporate transactions.

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