News

October 27, 2008

Wave Power Or Swell Power? It’s All The Same To Carnegie Corporation As It Moves To Test CETO 111

By Our Man in Oz

Older readers with fond memories of watching the delicious Ava Gardner rolling in the surf with Gregory Peck in the 1959 doomsday classic On The Beach now have two reasons to hunt down a copy of the old movie. Firstly, for the men at least, to get a fresh eyeful of the late Ms Gardner and secondly, to think about the power of the waves hitting the shore somewhere close to Australia’s second biggest city, Melbourne. Once you focus on the waves (and stop thinking about Ms Gardner) you are part way towards understanding why one of the world’s most interesting alternative power systems has entered a crucial period of trials, why the action is in Australia, and why the share price of Carnegie Corporation has held up strongly in the wider stock market meltdown.

Since September, as the market has nosedived, Carnegie’s shares have risen. In fact, since hitting a 12 month low of A11 cents on 18th September, Carnegie has risen by an eye-catching 41 per cent. What interests investors is the combination of Carnegie’s wave-power system, Australia’s long southern shoreline, with its exposure to never-ending Southern Ocean swells as they sweep around the globe, and the ratcheting up by Carnegie of its CETO technology into the development of a third generation,...