Wave energy developer Carnegie Wave Energy has received tax rebate in the amount of USD 3 mln.
The funds were received from Research and Development Tax Incentive, from the Australian Tax Office. The R&D Tax Incentive provides a tax rebate to support Australian companies to undertake Australian research and development.
During the year ended 30 June 2014 Carnegie obtained eligible R&D expenditure from which the tax rebate was calculated. The net rebate that Carnegie received for the year ended 30 June 2014 of USD 3 mln represents an increase over the previous year of USD 1.25 mln.
Carnegie estimates the financial year ended 30 June 2015 will likely deliver a cash rebate of between USD 6 and 8 mln.
Carnegie has recently deployed its second CETO 5 wave energy unit, and announced that the final CETO 5 unit will be deployed shortly after, as part of Perth Wave Energy Project, funded by the Australian government.
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Image: Carnegie Wave