Albany wave farm deal cancelled by WA Government with Carnegie in trading halt
The Government also said its investment of Royalties for Regions money would create hundreds of jobs in the region.
The termination of the deal is a massive setback for Australia's wave energy industry, already struggling to compete against the growth in cost-effective renewable sources like solar and wind power. But trading in Carnegie's shares was suspended from the ASX almost two weeks ago after the firm failed to release its half-year results on time.the value of Carnegie's prized asset — its CETO wave technology — had plummeted to $15 millionThe company is being kept alive by a $2 million loan by one of its directors and biggest shareholders, former AFL Commissioner Mike Fitzpatrick, but suffered $6 million of losses from EMC and the departure of more than 30 staff in six months.
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