Carnegie write down wave power tech by $35 million

Once-revered renewables darling Carnegie Clean Energy has wiped $35 million off the value of its signature wave technology.

The loss made up the lion’s share of the company’s $45 million half year loss, another $6 million was lost through its solar and microgrid business, Energy Made Clean.

Carnegie’s wave power IP has taken a huge hit in value.

The company said it took the opportunity to reduce the value of its wave power intellectual property to $15 million, “to be more in line with the market capitalisation of the company and be consistent with prevailing accounting standards.”

The company blamed the fall in market cap on negative media surrounding its Albany wave energy project, EMC’s losses and the on market sale of shares from one of its major shareholders.


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