9 August 2007
Southern Hemisphere CETO Wave Energy Operation License
• Carnegie & REH Agree Upon Terms for Southern Hemisphere CETO Wave Energy
ASX-listed clean energy company Carnegie Corporation Ltd is pleased to announce it has agreed upon
terms with AIM-listed Renewable Energy Holdings Plc ("REH") for an exclusive license to operate the
CETO wave energy technology throughout the Southern Hemisphere.
Under the terms of the binding Letter of Agreement ("LoA"), which is subject to formal approval by both
Carnegie and REH boards, Carnegie will be able to own up to 90% of any CETO wave energy power and
water project in the Southern Hemisphere (excluding Reunion Island) in return for funding the remaining
Carnegie Corporation Managing Director Dr Michael Ottaviano said: "This is a significant step towards
transforming Carnegie from being a clean energy technology developer to a technology operator."
The agreement will see Carnegie fund the final stages of the CETO technology development through to
commercialisation, which is expected to take another 18-24 months and $6-8 million. Carnegie's Board is
currently reviewing funding options and a decision on this is expected shortly. Formal approval of the
agreed terms is expected by both boards in the near future.
Carnegie Chairman and CETO inventor Alan Burns said: "After eight years and around $15 million in
investment, this is an extremely timely development as the world is searching for commercial ready, zeroemission
electricity and zero-emission desalination options".
Wave Energy & CETO background:
Named after the Greek ocean goddess, the CETO system distinguishes itself from other wave energy
devices by resting out of sight on the ocean floor. An array of submerged buoys is tethered to seabed
pump units. The buoys move in harmony with the motion of the passing waves, driving the pumps which
in turn pressurize seawater which is delivered ashore via a pipeline. The high-pressure seawater can then
be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting pumps usually
required for such plants. The high-pressure seawater can also be used to drive hydro turbines, generating
Other wave energy & CETO characteristics include:
Wave energy is a renewable, zero-emission source of power.
60% of the world lives within 60km of a coast, minimizing transmission issues.
As water is about 800 times denser than air, the energy density of waves exceeds that of wind
many times over, dramatically increasing the amount of energy available for harvesting.
Waves are predictable days in advance, making it easy to match supply and demand. (Wind is
predictable hours in advance at best.)
CETO sits underwater, moored to the sea floor, meaning there is no visual impact.
CETO units operate in deep water, away from breaking waves. The waves regenerate once they
pass the CETO units, meaning there is no impact on popular surfing sites.
CETO units are designed to operate in harmony with the waves rather than attempting to resist
them. This means there is no need for massive steel and concrete structures to be built.
CETO is the only wave energy technology that produces fresh water directly from seawater by
magnifying the pressure variations in ocean waves.
Any combination of power and water can be achieved from 100% power through to 100% water.
CETO contains no oils, lubricants or offshore electrical components. CETO is built from
components with a known subsea life of over 30 years.
CETO units act like artificial reefs in the way they attract marine life.
Carnegie Corporation (CNM) is a clean energy technology developer currently involved in developing two
clean energy technologies: the CETO Wave Energy technology and its 100%-owned clean coal technology,
Cleaner Coal Power. Carnegie is focused on developing, commercializing and operating clean energy
technologies that will lead to revenue generating projects globally.