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Business Editors/Energy Writers |
Energetech Receives Major Funding for Commercialization of Wave Energy |
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SYDNEY, AUSTRAILIA, May. 15 -/E-Wire/Business Wire/--
- Energetech Australia Pty. Limited announced today that three European investment groups have committed to invest US$3.75 million that the company will use to further the development and commercial application of its proprietary ocean wave-energy technology.
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"This investment is a major step forward for Energetech and should allow us to reach the next level in our development as a world leader in generating electricity from the ocean," said company founder and Chief Executive Dr. Tom Denniss. "We are particularly pleased that such knowledgeable and experienced investors have chosen to become shareholders in Energetech. We take their support for our company as a recognition of our technology and acknowledgement of its commercial viability."
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Dr. Denniss added: "The relatively rapid development of the ocean wave energy industry has meant that Energetech has quickly developed into a global enterprise. Our technology was developed and is being applied in Australia. We have funding and operations in the United States and Canada. With today's announcement, we have funds from many parts of the world being invested through Europe."
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The three investment groups specialize in investments in innovative energy technology. They are SAM Sustainable Asset Management Group, Prime New Energy AG, and ProgressNow! invest AG.
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Their investment follows two other significant recent advances by Energetech. In February, the company signed a memorandum of understanding with BC Hydro, the electricity utility in British Columbia, Canada, to establish a joint venture for the development of wave energy demonstration project on Vancouver Island. The project will begin by generating about two megawatts of electricity and could be scaled up to 100 megawatts by 2008.
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"The Vancouver Island project is the first in wave energy to be commissioned by a major utility, indicating the vision and foresight of BC Hydro," said Dr. Denniss. "It showed that wave energy in general, and particularly the Energetech technology, is now considered to be at the commercial stage."
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In November 2001, Energetech completed a funding agreement with the Connecticut Clean Energy Fund in the United States and, as a result, established a subsidiary, Energetech America, for business development and wave energy projects in North and South America.
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About Energetech
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Created in 1997, Energetech is a renewable energy company that has developed a new system for extracting energy from ocean waves and converting it to electricity. The technology will make it possible for wave energy to provide a sustainable source of power to grid-connected and remote power users.
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Construction of the first wave power pilot plant using the Energetech technology will begin in 2002 in Australia where the technology was developed. The pilot plant should provide final proof of concept of the technical feasibility of the technology. Australia offers abundant natural wave resources, and the support of government, including the federal Australian Greenhouse Office, and local electrical utilities, regulators, and communities.
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Wave energy is a suitable renewable energy resource for certain coastlines in major markets in Australia, North and South America, the Pacific Islands, Japan, China, northern Europe, and Africa. The Energetech system can be deployed as a single device, or strung together in a series, similar in concept to wind energy's "wind farms."
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The customers for the Energetech system are power utilities, single industrial users in heavy and remote industry, and remote communities and islands that are currently without power or rely on diesel. The technology can also be used in hybrid renewable projects in suitable locations, combined with wind or solar.
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The technology can be used as an integrated component in the construction of coastal structures, such as harbour breakwaters. The Denniss-Auld turbine, a key component of the Energetech system, can also be sold as a separate component and incorporated into wave energy devices developed by other companies. Further information is available at www.energetech.com.au.
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About the investors:
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SAM Sustainable Asset Management is an independent asset management company with headquarters in Zurich, Switzerland. Established in 1995, it is one of the world's first asset managers to specialize in sustainable development investments. SAM's investment is through two private equity funds managed by SAM Equity Partners Ltd, whose limited partners are domiciled in North America, (Hydro Quebec Capitech, Caisse de Depot et Placement du Quebec, Ontario Power Generation and Suncor Inc); Europe (EDF Ventures/Electricite de France, Gerling, Norsk Hydro and Swiss Re) and Asia (Mitsui & Co. Ltd.) In addition, SAM Smart Energy AG, a Swiss investment company which focuses on investments in sustainable energy technologies, both in public and privately held enterprises, participated in this round. SAM Smart Energy AG is being advised by SAM Sustainable Asset Management.
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Prime New Energy AG is a Swiss investment company that is focused on growth opportunities within the sustainability-relevant sector of new energy technologies. The investments are concentrated in companies listed on the stock market and completed by other unlisted firms. These companies are, in particular, active in the sectors of energy efficiency, renewable energy and energy IT management and are concentrated in North America and Europe. Prime New Energy AG is listed in the investment company segment at the SWX Swiss Exchange since 29th May 2001 and has a market capitaliZation currently of CHF 115 million.
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ProgressNow! invest AG of Frauenfeld, Switzerland invests in both publicly traded and development-stage companies with a focus on renewable energy, environmental, healthcare and educational innovation.
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/SOURCE:
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Energetech Australia Pty. Limited |
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05-15-2002 |
/CONTACT:
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Energetech Australia Pty. Limited, Cynthia Rudge, 416/410-2900, cyn@energetech.com.au, Tom Denniss, +61 2 9326 4237, tom@energetech.com.au or SAM Equity Partners Ltd (Investors), Walter Locher, 602/222-9213, walter@sam-group.com or ProgressNow! invest (Investors), Andrew Moore, +41 52 723 2037, andrew.moore@kaelingmgt.ch or Prime New Energy AG (Investors), Andreas Hogg, +41 62 205 10 70, Andreas.hogg@prime-new-energy.com |
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