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 3:42pmAs 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.
Key points:
- 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.
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One thing you can bet on when this house of cards fails (and it will) , all their junk will be left in the ocean for someone else to deal with or to rust away. If it gets in the way , it will be down to the taxpayer (again) to get rid of it.
The lesson learnt here is that while ambient energy is free, collecting it and putting it to a useful purpose that suits modern society is very, VERY expensive:
https://www.carnegiece.com/media/2019/07/Annual-Report-2018.pdf
For all they have spent I cannot see any income associated with electric energy sales from wave generator.
No decent coastline should be without a barnacled bill as Oceanlinx goes under after the usual subsidy mining-
https://www.abc.net.au/news/2018-09-26/wrecked-wave-generator-to-become-artificial-reef/10307436
But wait there was life after death as Ali Baghaei bobs up again-
https://www.illawarramercury.com.au/story/3955457/oceanlinx-is-still-in-business/
Here he is as CEO and MD of Aquanet Power still floating around the place with the usual flotsam and jetsam- https://au.linkedin.com/in/ali-baghaei-b9587819
With a nice flashy website with some computer generated wave generators (climate changers do love their computer models)-
https://www.aquanetpower.com/
Ring up and you’ll likely get straight through on the blower to the great man himself still blowing hard in all the right ears no doubt as this boy gets around-
https://marineenergy.biz/2018/09/05/aquanet-power-and-innosea-join-forces-on-wave-energy-projects/
https://www.bizapedia.com/hi/aquanet-power-usa-llc.html
Ali and his Aquanet are naturally members of any bloated organisation with the ear of the EU-
https://www.oceanenergy-europe.eu/about-oee/
“Ocean Energy Europe’s mission is to create a strong environment for the development of ocean energy, improve access to funding, and enhance business opportunities for its members.
To achieve this, OEE engages with the European Institutions (Commission, Parliament, Council, EIB, etc), and national ministries on policy issues affecting the sector.
The results are undeniable”
You can bet yer boots on that taxpayers as you go glug glug down the gurgler too.