Another One Bites The Dust

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    Lyrics

    Another one bites the dust

    Another one bites the dust
    And another one gone, and another one gone
    Another one bites the dust

    Carnegie Clean Energy shareholders learn true value of EMC as creditors meet in Perth

    17.4.2019

    Collapsed wave energy hopeful Carnegie Clean Energy had just over $3,000 cash in the bank when it called in the administrators last month.Key points:Carnegie went into administration in March after a cancelled wave energy contractThe highest bid received for its solar microgrid company was $200,000 Administrators said the company could be salvaged with a capital raising.
    And its administrators have revealed the highest of four bids it managed to attract for its solar microgrid company was just $200,000 — with one for just $40,000 — well short of the $13 million cash and shares deal it sealed with the business in 2016.Carnegie went into voluntary administration in March, three days after the West Australian Government cancelled a deal for the company to build a wave farm in the Great Southern region near Albany.It follows months of uncertainty around Carnegie's financial position, with the firm posting big losses and write-downs on the value of its wave energy technology, CETO.John Bumbak and Richard Tucker of Korda Mentha were appointed administrators of Carnegie and its solar microgrid subsidiary Energy Made Clean (EMC).Since mid-March Korda Mentha has pored through the company's books and they revealed Carnegie had just $3,198 cash in the bank when it placed itself into voluntary administration on March 15.The administrators recommended both Energy Made Clean Pty Ltd and EMC Engineering be liquidated, while the core Carnegie wave energy business be salvaged with a capital raising.


    Carnegie has been developing its prized CETO wave energy technology for more than 15 years and has attracted tens of millions of taxpayer dollars from both federal and state governments to commercialise the technology.

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