The government of Scotland, through a research body, has awarded funding to two wave energy research projects in which Carnegie Clean Energy
(ASX:CCE) is a partner. Carnegie says these two research projects received funding of around £500,000.
The purpose of the two projects is to investigate the use of rubber, plastic, concrete or combinations of these three to build wave energy converters, and test how well they survive in different sea conditions.
The company says wave energy converters, including its own CETO device, are currently and predominantly made from steel. Although it is strong and durable, it is costly and susceptible to corrosion.
Carnegie says the ultimate aim of these projects is to reduce the lifetime costs of wave energy converters.
Carnegie reported a net loss of $6.35 million at 30 June 2016.
