Carnegie rolls in tax refund cash

 
Australian clean energy developer Carnegie Clean Energy has received cash rebate from the Australian Tax Office in the amount of Au$2.3 million ($1.8 million).

The funds were received from Research and Development Tax Incentive which provides a tax rebate to support Australian companies to undertake Australian research and development.

During the year ended June 30, 2017, Carnegie incurred eligible R&D expenditure from which the tax rebate was calculated, the company informed.

Carnegie Clean Energy is an ASX-listed solar energy, battery storage and wave energy, project developer with over 10,000 Australian shareholders.

The company is the 100% owner and developer of the CETO wave energy technology intellectual property and is also a full owner of leading Australian battery/solar microgrid Engineering Procurement and Construction (EPC) company Energy Made Clean (EMC).

As reported earlier this week, Carnegie has switched the immediate focus for delivery of the first CETO 6 wave energy prototype from Wave Hub in UK to Albany in Western Australia, while continuing the UK development activities.

The company is currently conducting surveying activities to progress the site-specific design and development for the Albany Wave Energy Project.