Carnegie Wave Energy Secures Support for Desalination Plant
Carnegie Wave Energy’s shares are set to continue their recent strong run after it signed a Cooperation Agreement with the Water Corporation of Western Australia to support its wave powered desalination pilot plant.
The company’s shares have more than doubled in just the past two-months.
Water Corporation currently produces 45 billion litres of fresh drinking water a year from its existing seawater desalination plant in Kwinana, south of Perth, and is building a second larger plan to produce a further 100 billion litres of water a year.
While it will bring its desalination expertise to the table, Water Corporation has described Carnegie’s technology as a novel and promising method of desalinating seawater with no greenhouse gas emissions.
The CETO desalination plant will be co-located with Carnegie’s Perth Wave Energy Project on Garden Island and is supported by $1.27m AusIndustry grant from the Clean Technology Innovation Program.
Shares in CWE have been on an upward trend in the past three months and are likely to see further increases as it continues to progress its projects.