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REH, the AIM quoted investor and operator of proven renewable energy technologies, is pleased to provide an update released on 7 December 2009 by Carnegie Wave Energy Limited (“Carnegie”), in which REH holds 235 million fully paid ordinary shares, or approximately 31%.

The Company’s Chief Executive, Mike Proffitt, said:

“We are very pleased with this progress which further de-risks the project and paves the way for the completion of the technology development, a necessary step prior to commercial deployment.”

·         Carnegie & WA Government sign wave energy license

·         Allows the installation of commercial scale CETO unit off Garden Island

·         This will be the first commercial scale wave power unit deployed in Australia

Wave energy developer Carnegie Wave Energy Limited (ASX: CWE) is pleased to advise that it has executed a deed of licence with the State of Western Australian Government for access to a designated area of seabed in waters to the west of Garden Island off Perth, Western Australia.

Carnegie has been working with the Department of Regional Development and Lands (DRDL) who manage Crown Land in Western Australia, along with other State Government Departments, to process Carnegie’s license application over recent months. Execution of the licence provides Carnegie with permission, subject to specific covenants, to install and operate a commercial scale, autonomous CETO wave energy device to verify its energy delivery performance for a period of up to 3 years.

The activities to be undertaken under the licence form part of Carnegie’s 5MW commercial demonstration project supported by $12.5m of State Government Low Emissions Energy Development (LEED) funding.

Activities in the licence area are well progressed. Deployment of the first commercial scale, autonomous CETO wave energy unit will begin shortly with the installation of the unit’s mooring system. This will be the first commercial scale wave energy unit to be deployed in Australia

The CETO system distinguishes itself from other wave energy devices by operating out of sight and being anchored to the ocean floor. An array of submerged buoys is tethered to seabed pump units. The buoys move in harmony with the motion of the passing waves, driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.

High-pressure water is used to drive hydroelectric turbines, generating zero-emission electricity. The high-pressure water can also be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting electrically driven pumps usually required for such plants.

CETO Technology characteristics include:

·         CETO converts wave energy into zero-emission electricity;

·         CETO is environmentally friendly, has no visual impact and attracts marine life; and

·         CETO is fully submerged in deep water away from popular surf breaks.

Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy and clean technology developer. Carnegie is the owner and developer of the CETO Wave Energy Technology intellectual property.

 

Enquiries:

 

Renewable Energy Holdings plc | Tel: 01624 641199

Mike Proffitt, Chief Executive     

 

Strand Hanson Limited | Tel:  +44 20 7409 3494

Rory Murphy/James Spinney/Liam Buswell          

 

Novus Capital Markets Limited | Tel: +44 20 7107 1872

Paul Dudley/Charles Goodfellow

 

Financial Dynamics | Tel: +44 20 7831 3113

Jonathon Brill/Billy Clegg/Edward Westropp/Alex Beagley