Carnegie Clean Energy enters administration after Albany wave farm contract scrapped
Carnegie has been developing its wave energy technology for more than 15 years. (Supplied: Carnegie Clean Energy)
Wave energy hopeful Carnegie Clean Energy has gone into voluntary administration, three days after the WA Government cancelled a deal for the company to build a wave farm in the Great Southern.
It follows months of uncertainty around Carnegie’s financial position, with the firm posting big losses and write-downs on the value of its intellectual property.
The McGowan Government this week terminated its $16 million contract with the company to build the Albany wave project, which was pitched to become the first wave farm in Australia.
Korda Mentha has been appointed administrators of Carnegie and its solar microgrid subsidiaries, including Energy Made Clean (EMC).
Sandpatch was set to be the location of Carnegie’s proposed Albany wave farm. (ABC News: Benjamin Gubana)
Korda Mentha is now seeking to secure funding to allow the company to continue trading while it attempts to recapitalise the business.
Carnegie has been developing its prized CETO wave energy technology for more than 15 years, and attracted tens of millions of taxpayer dollars from both federal and state governments to commercialise the technology.
More to come.