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Collaboration Agreement for Ireland Wave Energy Project


Ocean Eneargy - Wave Energy

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									ASX Announcement

29th September 2010

      Collaboration Agreement for Ireland Wave Energy Project

Wave Energy developer Carnegie Wave Energy Limited (ASX: CWE) is pleased
to announce the signing of a formal Collaboration Agreement with Sustainable
Energy Authority Ireland’s (SEAI) Ocean Energy Development Unit (OEDU) to
jointly develop a Wave Energy Project at the Belmullet Wave Energy Test Site,
and other locations in Ireland (the "Ocean Energy Project").

The three year Agreement appoints Carnegie as a developer for the Ocean Energy
Project and represents a major step forward towards the commercial testing and roll
out of the CETO Wave Technology in Ireland.

Carnegie’s Ireland-based and newly appointed Executive Director, Kieran O'Brien,

"This represents the culmination of over 12 months of collaboration with the SEAI.
Carnegie looks forward to continuing to work with the SEAI and the Project partners
to plan, install and commission the commercial test site as the first step for
commercial roll out of CETO in Ireland".

Carnegie’s Managing Director and Chief Executive Officer, Dr Michael Ottaviano,

“We are pleased to continue to make progress on targeting the most attractive
locations for our initial CETO wave energy projects. The Irish Government has
clearly signaled that wave energy is on the radar with grant and tariff incentives and
aggressive targets.”

To support the development of ocean energy, the Irish Government is providing
dedicated grant funding to support research, development and deployment of ocean
energy and has established a feed-in tariff of €220 per megawatt hour for ocean
energy. Ireland has also set a National target to produce 33 percent of its energy
from renewable sources by 2020 including specific ocean energy targets of 75 MW
by 2012 and 500MW by 2020.

About SEAI

The Sustainable Energy Authority of Ireland (SEAI) was set up by the Irish Government in
2002 as Ireland’s national energy authority. The SEAI’s mission is to play a leading role in
transforming Ireland into a society based on sustainable energy structures, technologies and
About CETO

The CETO system distinguishes itself from other wave energy devices by operating out of
sight and being anchored to the ocean floor. An array of submerged buoys is tethered to
seabed pump units. The buoys move in harmony with the motion of the passing waves,
driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.

High-pressure water is used to drive hydroelectric turbines, generating zero-emission
electricity. The high-pressure water can also be used to supply a reverse osmosis
desalination plant, replacing greenhouse gas emitting electrically driven pumps usually
required for such plants.

CETO Technology characteristics include:
   CETO converts wave energy into zero-emission electricity and desalinated water
   CETO is environmentally friendly, has no visual impact and attracts marine life
   CETO is fully submerged in deep water away from popular surf breaks

About Carnegie

Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy technology
developer. Carnegie is the owner and developer of the CETO Wave Energy Technology
intellectual property.

For more information:                              Media:
Dr Michael Ottaviano                               Sarah Allchurch
CEO & Managing Director                            Allchurch Communications
Carnegie Wave Energy Limited                       +61 8 9381 6625
+61 8 9486 4466                                    +61 412 346 412               


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