The SPP will allow all eligible Carnegie shareholders to purchase between $2,400 and $15,000 worth of shares in Carnegie at 3.0 cents per share. The offer price equates to approximately a 12% discount based on the share price at the close of trading on 27th April 2018, and a 15% discount on the 20 day volume weighted average price.
Some 15 months after the acquisition of Energy Made Clean (EMC) and the establishment of the EMC/Lendlease joint venture, the joint venture has secured over $30 million in orders during the quarter with the Northam, Kalbarri and Summerhill solar and battery projects.
Carnegie’s Managing Director, Dr Michael Ottaviano, said:
“Over the past 24 months Carnegie has expanded its business to become a diversified renewable energy company. We continue to develop our proprietary wave technology but are also now a leading designer, constructor and operator of utility solar, battery and hybrid power systems. We have achieved this at a time when this sector is at the start of a period of rapid growth. Our ability to be innovative both technically and commercially creates the opportunity to accelerate the growth our business to achieve and sustain profitable ongoing operations within the next 12-24 months.”
The capital raised from the SPP will allow growth and expansion of its wave energy and its solar/battery microgrid businesses, with the aim of achieving profitability as soon as possible.
Carnegie will use the funds for:
· working capital to support delivery of recent EMC project contract awards, to further develop and convert its contract pipeline, and to pursue opportunities to expand EMC’s reach nationally either organically or through further corporate transactions.
· working capital to support the development and delivery of its build, own and operate solar and battery pipeline on the back of the success of the Northam development to this point and including newly acquired solar and battery sites.
· working capital for CETO and the Albany Wave Energy Project and to pursue opportunities to expand this business with the aim of bringing forward commercialisation and accelerating the financial sustainability of this division either organically, through further partnering or M&A.
Company presentations will be provided on 14 May in Sydney, 15 May in Melbourne, 16 May in Brisbane and 17 May in Perth. The offer opens on 1 May 2018 and will close on 18 May 2018.
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