Guest essay by Eric Worrall
ABC reporter Rebecca Turner claims Carnegie have not published the results of their wave energy experiment.
Carnegie Clean Energy undertakes capital raising in a last-ditch bid to avoid liquidation
By Rebecca Turner
Updated Thu at 3:42pm
As it makes what could be a final roll of the dice for its survival, collapsed wave energy hopeful Carnegie Clean Energy is still not disclosing the performance of its most valuable asset — its CETO wave technology.
- Carnegie is facing liquidation unless it raises $5.5 million in capital by next week
- The firm’s CEO cannot say how much energy its CETO 5 technology produces
- One analyst says investors “would have to be a bit of a masochist” to reinvest
Carnegie is in the process of trying to raise up to $11.5 million in capital to pay creditors, including board member and former AFL commissioner Mike Fitzpatrick.
If it does not raise the minimum amount of $5.5 million by next Wednesday, the former renewable energy darling is facing the likely outcome of liquidation.
Its thousands of shareholders, predominantly small investors, are being encouraged to invest in the capital raising, which offers them four shares at a price of $0.001 for each share they hold.
Carnegie has been developing its prized CETO wave energy technology for more than 15 years and has attracted tens of millions of taxpayer dollars from both federal and state governments to commercialise the technology.
Cynics amongst you might be tempted to believe the reason the Carnegie CEO was so sketchy about the results of their CETO wave energy trial is because their technology doesn’t work.
But this surely cannot be the case; After all, Carnegie received millions of dollars of government funding, and we all know how rigorous public sector oversight of taxpayer’s money is, especially when it comes to funding renewable energy projects.