State Government has terminated its Financial Assistance Agreement with Carnegie Clean Energy to deliver the Albany wave energy technology development project, following an assessment of the company's financial capability to deliver the project. In October 2018, the State Government exercised its power under the agreement to require Carnegie to provide a comprehensive and detailed funding plan for their $25.6 million contribution to the project. That followed concerns about the company's finances, driven by uncertainty surrounding the future of Federal R&D tax concessions, losses from other operations and asset write-downs.
Minister's Video |
Media Statement |
NOTE: If the video does not start, it can be accessed by using the links below to either: download to your local computer or; play on smartphone and tablet portable devices.