Wave energy developer Carnegie Wave Energy Limited (CWE) has announced that global infrastructure investment company UIL Limited (formerly Utilico Limited) has acquired 100% of Renewable Energy Holdings PLC’s stake in CWE.
UIL Limited (formely Utilico investments Limited and Utilico Limited) has completed an acquisition of 101,330,192 shares in CWE from Renewable Energy Holdings PLC. The shares represent 5.07% of the total shares in CWE, making UIL the second largest shareholder in CWE. UIL has also agreed to a 12 month voluntary trading escrow, preventing sale of their shares for 12 months.
CWE is the ASX-listed inventor, owner and developer of the patented CETO wave energy technology that converts ocean swell into zero-emission renewable power and desalinated freshwater. Over $100 million has been invested to fund the development of the CETO technology. Carnegie employs a combination of rapid prototyping, computational simulation, wave tank testing and, in-ocean testing in developing CETO.
Carnegie operates two ocean test sites, a “nursery site” at its Private Wave Energy Research Facility in Fremantle, Western Australia and an open ocean site at its Perth Wave Energy Project site off HMAS Stirling, Australia’s largest naval base, at Garden Island, Western Australia.