Carnegie eyes $5M to accelerate project developments

Carnegie Clean Energy has received firm commitments for a Au$5 million ($3.6 million) capital raise via the issue of 8 cent per share convertible notes under a three-year term.

The notes will be used to refinance an existing Au$500,000 working capital bank facility currently in place with its 100% owned solar and battery microgrid developer Energy Made Clean, Carnegie informed.

The capital will be used to ‘fast track’ project opportunities, according to Carnegie, and unlock growth constraints particularly in light of the 50/50 joint venture with constructor and developer Lendlease.

Carnegie said the Au$5 million convertible notes will be subordinated to its existing Au$3.69 million convertible notes and have a conversion price of Au$0.08 per share compared with Au$0.038 for the existing notes.

Carnegie Clean Energy is an Australian-based wave energy technology, and solar and battery microgrid project developer.