Energy World reported that Carnegie Clean Energy is expecting their annual revenue to go up 17 times over a 2-year period all thanks to a push into solar power with the purchase of Australian firm Energy Made Clean.
The company, now carrying the name Carnegie Wave Energy, sees their revenue going up from $1.7 million last year to more than $30 million by 2018, due to the targeted revenue growth of solar and battery company EMC.
The $13 million acquisition was announced in October 2016 and was completed in December 2016. The company has also teamed up with Australia’s residential developers Lendlease Group to enhance their position in the country.
The company’s share price has doubled to $0.07 since the deals and has hit a more than 3-year high of $0.079.
Managing Director Michael Ottaviano sees the company expanding in tandem with the fast-growing micro grid market, which Navigant Research estimates will grow at 50% per year to an estimated $20 billion by the year 2020.
Carnegie is also developing their wave energy technology, with a $11.7 million grant from the European Regional Development Fund for a United Kingdom project and also funding from Canberra and Western Australia for an Australian project.
The company’s goal is to tie wave power into micro grids together with solar and solar batteries.
Featured Image Credit: Bureau of Reclamation
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