Carnegie Wave Energy Limited
(ASX:CWE) says it has signed a Memorandum of Understanding with the Republic of Seychelles in regard to potential wave farms.
Carnegie says the MoU will focus on identifying opportunities and potential development of commercial wave energy plants at the archipelago of islands off the coast of East Africa.
Carnegie’s CETO system converts ocean wave energy into zero emission electricity and desalinated water. The system operates fully submerged in deep water where it is safe from storms and invisible from shore.
Carnegie Wave Energy reported a net loss of $4.8 million for the 2015 financial year.
