Carnegie announced AUD5 M capital raise

Carnegie Clean Energy Limited has announced that it has received firm commitments for a AUD5 million (US$3.74 million) capital raise via the issue of AUD0.08 (US0.06) per share convertible notes which will be used to refinance an existing AUD500,000 working capital bank facility currently in place with its 100% owned solar/battery microgrid developer Energy Made Clean Pty Ltd (EMC).

The capital will be used to fast track project opportunities and unlock growth constraints particularly in light of the recently announced 50/50 joint venture with ASX-listed constructor and developer Lendlease Limited.

The AUD5 million (US$3.74 million) convertible notes will be subordinated to Carnegie's existing AUD3.69 million (US$2.76 million) convertible note and have a conversion price of AUD0.08 (US0.06) per share compared with $0.038 for the existing notes. The notes will attract an 8% coupon and have a 3 year term. The AUD0.08 (US0.06) conversion price is 47% premium to the 20 day average price (VWAP) and 56% premium to the 3 month VWAP.

Carnegie Clean Energy Limited is an Australian, ASX-listed wave energy technology developer and solar/battery microgrid project developer. Carnegie is the 100% owner and developer of the CETO Wave Energy Technology intellectual property. Carnegie is focused on commercial opportunities in key target markets including UK, Europe, Australia and remote islands.

Carnegie is also the 100% owner of Australian battery/solar microgrid Engineering Procurement and Construction (EPC) company Energy Made Clean, which specializes in the delivery of mixed renewable energy microgrid projects to islands and remote and fringe of grid communities. Through this acquisition, Carnegie offers now a combination of wave, solar, wind, storage and desalination via microgrids.