Carnegie Wave Energy Ltd
(ASX:CWE) has been awarded $2.5 million from the Australian Renewable Energy Agency.
Carnegie says this money was given to develop the world’s first solar, battery and wave integrated microgrid project.
The company says the Garden Island Microgrid Project is the first time that wave energy will be combined with solar and batteries in a microgrid configuration.
Carnegie will start constructing this project in Western Australia before the end of the year, and expects it to be commissioned in the first half of 2017.
Carnegie reported a net loss of $6.3 million at 30 June 2016.
