Abstract
The past 12 months has been a year of significant achievement for your Company. Our proprietary CETO wave energy technology has further progressed through the commercialization pathway with the successful operation of a world first CETO grid-connected array, the Perth Wave Energy Project at Garden Island in Western Australia.
The successful, ongoing operation of the Perth Wave Energy Projected has seen Carnegie achieve a milestone of 20,000 cumulative operating hours in June this year, setting a record in the wave energy industry and demonstrating the survivability and reliability of the CETO technology, issues which have been highlighted by the wave energy industry as some of its greatest to overcome. The continued operation of the Perth Wave Energy Project has allowed Carnegie to take great steps forward towards commercializing its proprietary CETO technology.