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CCE, CARNEGIE WAVE ENERGY LIMITED
blacksheep
post Posted: Mar 12 2019, 01:20 PM
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In Reply To: nipper's post @ Mar 7 2019, 03:51 PM

Albany wave energy deal with Carnegie Clean Energy cancelled by WA Government
QUOTE
The WA Government has terminated its $16 million contract with troubled wave energy company Carnegie Clean Energy for a project in the Great Southern, denying it has broken a key election promise.

Key points:
Carnegie was awarded a $16 million contract to build a wave farm at Albany
The value of its prized technology has dropped to $15 million from $83 million
The WA Government says it's regretful that it had to scrap the agreement
Labor unveiled plans for the wave farm project before the 2017 state election, saying it would "power homes" and turn the Great Southern coastal town of Albany into a globally recognised renewable energy hub.

But Regional Development Minister Alannah MacTiernan said it was "regrettable" Carnegie was now financially unable to complete the project.

Senior bureaucrats informed the company, which is in a trading halt, about the termination last night.

"Unfortunately their circumstances have changed, for reasons outside their control," she said.


https://www.abc.net.au/news/2019-03-12/carn...rnment/10891934



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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Mar 7 2019, 03:51 PM
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It was valued at $83 million in June 2017, but Carnegie Clean Energy's CETO wave technology is now worth just $15 million, despite governments pouring tens of millions into the supposedly world-leading company.
QUOTE
Despite hundreds of millions of dollars' worth of investment, the value of Carnegie Clean Energy's supposed world-leading wave technology has plummeted from $83 million to $15 million in the latest sign the company is on the edge of collapse.

The latest valuation of its CETO technology — which uses submerged buoys to convert ocean wave energy into electricity — was revealed in its half-year results, which were due for release last week. However, the company failed to meet its reporting deadline, resulting in it being suspended from the ASX

https://www.abc.net.au/news/2019-03-07/furt...lashed/10878818

---- disappearing beneath the waves; soon to be sunk without sight



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Nov 25 2018, 07:52 PM
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In Reply To: blacksheep's post @ Oct 5 2018, 03:22 PM

Not looking good
QUOTE
Embattled green power play Carnegie Clean Energy has been thrown a lifeline after the State Government granted it an extra three months to come up with a funding plan for its marquee project.

Regional Development Minister Alannah MacTiernan revealed yesterday she had extended the deadline for Carnegie to supply a funding plan for its flagship Albany wave project until March.

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 5 2018, 03:22 PM
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In Reply To: blacksheep's post @ Oct 5 2018, 03:02 PM

CCE's ann
QUOTE
As per a media statement this morning released from the office of Hon Alannah MacTiernan MLC,
Minister for Regional Development; Agriculture and Food; Minister Assisting the Minister for State
Development, Jobs and Trade, the following general information was released related to the Albany
Wave Energy Technology Develoment Project:

• The State Government has agreed to pay Carnegie Clean Energy the previously negotiated
revised first milestone payment of $2.625 million for the Albany wave energy technology
development project.

• The State Government is satisfied that Carnegie has commenced site development activities
and design works, and has complied with its contractual obligations.

• Carnegie Clean Energy is required to provide a detailed funding plan and the Company will be
given nine weeks to complete this plan.

• Upon receipt of the plan, the State Government will then assess whether the company has the
financial capability, in an altered Federal R&D tax incentive environment, to complete the
project.

The release further stated comments attributed to Regional Development Minister Alannah
MacTiernan:

• The Federal Government's proposal to change R&D tax incentives, contained in their 2018-19
Budget, has threatened the bottom line of several Western Australian companies - from
renewable energy to tech metals.

• These changes emerged after the State Government signed the funding agreement for the
Albany wave energy technology development project.

• Given the circumstances surrounding the Federal R&D changes, the State Government is
committed to protecting its investment and building safeguards in the project to minimise
financial exposure.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 5 2018, 03:02 PM
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Posts: 5,702
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In Reply To: blacksheep's post @ Sep 28 2018, 08:34 PM

QUOTE
Carnegie Clean Energy has been given nine weeks to deliver a funding plan for its Albany wave energy development that convinces the State Government it can complete the project.

The Government this morning said that following legal advice it had agreed to pay a revised first milestone payment of $2.625 million to Carnegie.

Under the original agreement, the company had been due to receive $5.2 million as part of an overall commitment by Labor to provide $15.75 million to deploy the next version of its technology in the ocean near Albany during the 2019-2020 summer.

But delays in developing the project, which Carnegie blamed on Federal changes to research and development tax incentives, caused the one-time green energy darling to miss a deadline to request the payment.

The project could take longer and require extra funding if the R&D tax proposals, which include a $4 million annual cap on cash refunds for companies with a turnover of less than $20 million, are implemented.

Regional Development Minister Alannah MacTiernan said the State Government was satisfied that Carnegie had started site development and design works to warrant the first grant payment.

But Ms MacTiernan said the company has been asked to provide “a comprehensive and detailed funding plan” covering its contribution to the project.

“The State Government will closely analyse the funding plan for Carnegie’s contribution to the project to ensure the company has the capability to deliver the project,” she said.

Ms MacTiernan conceded the Federal Government’s proposal to change the R&D incentives, outlined in the May Budget, had threatened the bottom lines of several WA companies.

She said the State Government needed to protect its investment and build in safeguards in the wave energy project to minimise financial exposure.

The news comes just a week after several days of turmoil for the company which saw the resignation of long-time chief executive Michael Ottaviano, plans to sell down its $2.5 million stake in the 10MW Northam solar farm, and an announcement it would miss a deadline to complete the sale of its microgrid arm, Energy Made Clean, to investment firm Tag Pacific.

Carnegie shares were up 0.1¢, or 10 per cent, to 1.1¢ at 10.30am.

https://thewest.com.au/business/energy/carn...s-ng-b88982228z



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Sep 28 2018, 08:34 PM
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Posts: 5,702
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In Reply To: nipper's post @ Sep 22 2018, 12:06 AM

Carnegie Clean Energy CEO Michael Ottaviano resigns amid growing investor discontent
By Rebecca Turner and Kathryn Diss
Updated 12 minutes ago

QUOTE
Australia's most prominent wave energy company, Carnegie Clean Energy, has hit a fresh storm, with the announcement of the resignation of its long-standing chief executive and managing director Michael Ottaviano.

The renewable energy darling is already dealing with growing investor discontent, allegations of misleading the market, a tumbling share price and concerns over the viability of one of its flagship projects.

Carnegie chairman Terry Stinson told the ABC the resignation was not a sign that Mr Ottaviano had failed.

He said that he and Mr Ottaviano both agreed "it was time for a change, for a bit of renewal".


QUOTE
Analysis of financial reports shows that the company also received $25 million in R&D tax refunds between 2013-14 and 2017-18.

The company's grants include:

Almost $29 million in Australian Renewable Energy Agency (ARENA) funding for projects off Garden island and Albany in WA
More than $10 million in Low Emissions Energy Development funding and $15.75 million for the Albany project from the WA Government



read more - http://www.abc.net.au/news/2018-09-28/carn...ection=business
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


nipper
post Posted: Sep 22 2018, 12:06 AM
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Wipeout

http://mobile.abc.net.au/news/2018-09-21/c...ection=business



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
arty
post Posted: Jul 7 2017, 12:03 PM
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... followed by "South Australia tender unsuccessful"
http://www.asx.com.au/asx/statistics/displ...;idsId=01872526
That will now probably close the gap. to 6c, possibly even the one below. sad.gif



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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
arty
post Posted: Jul 7 2017, 10:39 AM
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http://www.asx.com.au/asx/statistics/displ...;idsId=01872349

A microgrid in the NT, as a subcontractor to Lend Lease.
And the chart is finally reacting smile.gif
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--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
nipper
post Posted: Mar 20 2017, 11:19 AM
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In Reply To: arty's post @ Mar 20 2017, 10:11 AM

QUOTE
Late last year Lendlease teamed with ­Carnegie Clean Energy's (formerly known as Carnegie Wave Energy) subsidiary Energy Made Clean to deliver battery, solar, and storage microgrids across Australia. Microgrids are larger power systems that can be tapped by communities when the power grid goes down.

Carnegie is currently one of the three key players bidding for the controversial South Australian battery project, Australia's largest company offering utility scale battery storage. It is also currently assembling the batteries for CSIRO's Square Kilometre Array, the nation's largest utility battery deployment.

The agreement announced in December for Lendlease and EMC to identify, pursue and bid for contracts for solar and battery energy storage systems in Australia has led to them this morning announcing their first privately-funded project.

Carnegie will own and operate the 10 megawatt Northam solar power station for at least the next 25 years and said it had the option to sell energy in the Wholesale Electricity Market, or to deliver Large Scale Generation Certificates to third party customers through either direct Power Purchase Agreements or their own energy retail license or some combination of both. The station will cost up to $20m and Carnegie said it was currently in discussions with third party providers of both equity and debt.

"This is the next step in the evolution of Carnegie Clean Energy. The tier 1 capabilities of the EMC Lendlease joint venture combined with the design, development and financing capabilities of Carnegie, provide us with a clear point of difference in the rapidly emerging utility solar market in Australia. Carnegie is planning on replicating this approach across Australia,'' Carnegie's managing director and chief executive officer, Dr Michael Ottaviano said, "The ability to add utility scale battery storage is a new product offering we will integrate into our own solar farms and also to other developers of utility scale solar farms as the technology costs continue to decline in the coming years."
hence the name change !?



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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