- Carnegie Clean Energy (CCE) has reported a net loss after tax of $1.2 million for the first half of FY21
- This marks more than a 284 per cent decrease from $654,268 in net profits in the prior corresponding period
- The company incurred more expenses on a number of fronts, including depreciation and amortisation, share-based payments, and impairment costs
- Carnegie has developed the CETO technology, which captures energy from ocean waves and converts it into electricity
- Over the half-year, the company advanced opportunities for CETO which may improve the technology's performance
- Positively, revenue grew nearly per cent and the company rounded off the half-year with about $3.3 million in cash reserves
- Company shares are up 40 per cent and are trading at 0.7 cents
Carnegie Clean Energy (CCE) has reported a net loss after tax of $1.2 million for the first half of FY21.
This marks a 284.4 per cent decrease from $654,268 in net profits in the prior corresponding period.
The company attributed the loss to increased expenses on multiple fronts. Compared to the first half of FY20, CCE spent more on depreciation and amortisation, employee share-based payments, finance costs and professional fees and impairment expenses.
Positively, however, revenue was up 14.9 per cent to $158,762, and the company rounded off the half-year with about $3.3 million in cash reserves.
Carnegie is the owner and developer of the CETO technology, which essentially captures energy from ocean waves and converts that energy into electricity.
In the half-year, the company progressed the development of its technology including advancing opportunities, which may improve CETO's performance.
Carnegie developed the machine-learning-based Wave Predictor technology, which can predict waves up to 30 seconds into the future. This technology was validated in a wave tank testing campaign at the Cantabria Coastal and Ocean Basin in Spain.
Excitingly, Microsoft awarded the company an "AI for Earth" grant to enhance the Wave Predictor. As part of the award, Microsoft is providing Carnegie with a sponsored Microsoft Azure account.
The company also signed a collaboration agreement with Hewlett Packard Enterprise Company to extend artificial intelligence in the product. Another agreement was signed with Oceantera to potentially expand CETO into Southeast Asia.
Lastly, Carnegie received a research and development tax incentive rebate of $749,938 from the Australian Tax Office.
Company shares are up 40 per cent and are trading at 0.7 cents at 3:21 pm AEDT.