- Wave energy technology developer Carnegie Clean Energy (CCE) has become debt-free for the first time in many years
- The company’s financial position was greatly improved after $1.075 million in remaining convertible notes were converted
- Additionally, $702,500 in unlisted company options have been exercised over the last month, further boosting Carnegie’s cash reserves
- The company not only has no debt, but also has additional funding for development of its various technology pathways
- Carnegie Clean Energy is up 16.67 per cent and trading at 0.7 cents per share
Wave energy technology developer Carnegie Clean Energy (CCE) has become debt-free for the first time in many years.
The company’s financial position has been greatly improved after $1.075 million in remaining convertible notes were recently converted. In addition, a total of $702,500 in unlisted company options have been exercised over the course of the last month.
These financial developments have substantially boosted Carnegie Clean Energy’s cash reserves and overall balance sheet. The company not only has no more debt, but also has additional funding to support the development and delivery of its various technology pathways.
Carnegie Clean Energy is a wave energy technology developer, as well as a solar/battery microgrid project developer. The company uses a combination of wave, solar, wind, energy storage, desalination, and diesel to design, develop, finance, construct, operate, and maintain microgrids in both on-grid and off-grid applications.
Carnegie Clean Energy is currently working on the development of its CETO Wave Energy Technology, which it owns the intellectual property for.
The Chairman of Carnegie Clean Energy, Terry Stinson, commented on the company’s improved position, in light of its new debt-free status.
“With zero debt, approximately $3.5 million in cash reserves, excellent progress being made on the CETO Wave Energy Technology Pathway and 100 per cent ownership of the Garden Island Solar Farm, the company is in excellent shape and we are looking forward to reporting progress to shareholders over the remainder of 2021,” he said.
Carnegie Clean Energy is up 16.67 per cent, trading at 0.7 cents per share at 2:15 pm AEDT.