Carnegie Clean Energy shares are soaring on the WA election result

Wave energy prototypes off Perth. Image: Supplied.

Shares in Carnegie Clean Energy jumped higher today on the back of the new Labor government elected at the weekend in Western Australia.

A short time ago, the shares were up 16% to $0.070.

The new state government has confirmed a pre-election commitment for $19.5 million to help fund the Albany Wave Energy Project, the first commercial-scale wave farm in Australia.

The project will involve an initial 1 megawatt stage followed by a 20 megawatt wave farm resulting in $100 million of local investment near Albany on the state’s south coast.

The town faces the rolling waves from the Southern Ocean, with a 1 metre or greater swell, 100% of the time.

A wave generator being floated into place. Image: Carnegie

“We’re delighted to be working with the newly elected Government of Western Australia to deliver on the potential of wave energy at Albany,” says Dr Michael Ottaviano, Carnegie’s managing director.

“Wave energy justifiably demands the sort of investment that other power technologies, whether fossil fuel or renewable, have benefited from and the government’s $19.5 million commitment is a strong step towards this.”

Albany also has a wind farm with 18 turbines producing up to 80% of the area’s electricity needs.

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