Wave energy developer Carnegie Wave Energy has received tax rebate in the amount of $8.8 million (Au$12 million).
The funds were received from Research and Development Tax Incentive, from the Australian Tax Office.
During the year ended June 30, 2015, and prior years, Carnegie incurred eligible R&D expenditure from which the tax rebate was calculated.
The R&D Tax Incentive provides a tax rebate to support Australian companies to undertake Australian research and development.
Carnegie Wave Energy is an Australian wave energy developer of CETO technology that has successfully connected an array of three CETO 5 wave energy devices to the Australian grid in February this year.
Carnegie has recently concluded the offshore geophysical survey for its CETO 6 project, and according to the company, it represents a critical step in the environmental approvals process for the project
The project comprises the design, construction, deployment and demonstration of three 1 MW CETO 6 units in a grid-connected wave energy project off Garden Island, Western Australia.
Image: Carnegie Wave Energy