Carnegie Wave Energy has bought 35% of solar and microgrid business Energy Made Clean for $4.5 million.
A short time ago, Carnegie shares were up 11.4% to $0.039.
Perth-based Carnegie is the inventor, owner and developer of patented CETO wave energy technology which converts ocean swell into renewable power and desalinated freshwater.
The purchase of Energy Made Clean is made up of $1.5 million in Carnegie shares and $3 million in cash.
Energy Made Clean, also a Western Australian company, is a specialist in the delivery, construction and operation of microgrids, commercial scale solar projects and energy storage systems.
The company is likely to exceed $15 million in turnover in 2016, up from $5 million last financial year.
Energy Made Clean’s projects include a solar, battery and diesel microgrid with remote monitoring on Mackerel Island off the coast of Onslow in Western Australia. The company also built a 600KW solar farm on Rottnest Island.
The two companies are also forming an alliance to share resources, skills and expertise to bring a wider range of renewable energy offerings to Australian and international markets.
The companies will also have a joint focus on the delivery of a combination of renewable technologies such as solar, wave, wind and energy storage in the form of microgrids to islands, off-grid and grid-connected communities.
Carnegie CEO Michael Ottaviano says the global microgrid market is estimated to be worth $US40 billion by 2020.
“Our strategy for island markets is to deliver CETO as part of an integrated microgrid solution,” says Dr Ottaviano.
“Having already won and kicked off a package of work in Mauritius, including the delivery of a wave-integrated microgrid, I’m delighted to have EMC on board to assist in the delivery of this project.”