Carnegie Corporation Ltd is to receive A$12.5 million from Western Australia’s Low Emissions Energy Development fund.
The Perth-based wave energy group will be in charge of developing the first two stages of the power station by 2013. The proposed new low-emissions power station will be located off the coast of Albany.
As per the information available, Carnegie will be required to match every $1 of Government funds with $3 from elsewhere, leading to a total investment of $50 million. This was indicated by Environment Minister Donna Faragher.
Carnegie’s managing director Michael Ottaviano said the WA funding was a major boost for Carnegie's wave powered, commercial demonstration project, named CETO.
In addition to the announcement, Federal Energy Minister Martin Ferguson also launched the Federal Government’s $435 million Renewable Energy Demonstration Program (REDP).
The program will provide capital grants for the commercial demonstration of new renewable technologies.
Ottaviano said the company intended to submit an application under the REDP fund to further develop wave energy technology.
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