phy & cnm joint venture

  1. 513 Posts.
    More good news for both companies.


    HOMEX - Melbourne

    Renewable energy generator Pacific Hydro Limited (ASX: PHY) today
    announced it has formed a joint venture for the research and
    development of a dual-purpose wave energy generator that is about to
    enter prototype testing stage. The project has also been offered an
    "R&D Start" Grant from AusIndustry to assist in the commercialisation
    of the technology.

    The joint venture, which will trade under the name of Seapower
    Pacific Pty Ltd, will develop new ocean wave energy generation
    technology designed to produce pollution-free electricity with an
    optional capability to produce desalinated water economically.

    The wave generator has been under development since 1999 by Carnegie
    Corporation (ASX: CNM) and the Fremantle-based marine engineering
    research and development company, Seapower Pty Ltd. Pacific Hydro
    will contribute its development and hydroelectric generation
    expertise to the joint venture.

    Research and testing of the first large-scale unit is underway with
    in-sea testing scheduled to commence in early 2004.

    "Successful development of this multi-use unit will be a world first
    and could provide a new source of clean renewable electricity and
    desalinated water for Australians living in coastal regions as well
    as to other markets around the world," said Pacific Hydro General
    Manager Business Development and Hydro Operations, Mr Rob Grant.

    "Global electricity consumption is forecast to increase by almost 40%
    by 2010 according to the US Department of Energy, and there is an
    increasing demand for much of this to be supplied by non-polluting
    energy sources. At the same time, demand for clean water supplies is
    becoming critical.

    "Commercialisation of Seapower Pacific's technology also has the
    potential to create a significant new technology manufacturing centre
    in Fremantle, where the joint venture is based," said Mr Grant.

    Pacific Hydro, which has long maintained a watching brief on emerging
    renewable energy technologies, will have the exclusive rights to
    develop and operate commercial units over 5MW in capacity.

    The World Energy Council estimates global wave resources contain
    sufficient energy for more than twice the world's electricity
    production. Research to efficiently harness this resource is
    increasing in response to the escalating demand for emissions-free
    renewable energy.
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