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Carnegie waves goodbye to old name

AAP logoAAP 1/11/2016 Lilly Vitorovich

Wave energy technology developer Carnegie Wave Energy plans to change its name to Carnegie Clean Energy after its $US13 million ($A17 million) acquisition of solar and battery microgrid developer Energy Made Clean.

Managing Director Michael Ottaviano says the name change will better reflect the group's expanded clean energy interests across wave, solar, battery and microgrids.

It will also help the company retain the strong brand awareness and credibility that Carnegie has built in the renewable market space, Dr Ottaviano says.

The global microgrid market is forecast to be worth $US40 billion by 2020, Carnegie says citing a 2013 report by Navigant Research.

A microgrid is a discrete energy system made up of distributed energy sources that are capable of operating independently from the main power grid.

Carnegie Clean Energy says it will be the only Australia Securities Exchange-listed company able to deliver a dedicated renewable energy microgrid and the only microgrid company globally with wave energy technology.

"CCE will be at the forefront of designing, developing, financing, constructing, operating and maintaining microgrids, utilising a world-first combination of wave, solar, wind, energy storage, desalination and diesel in both on and off-grid applications in Australia and internationally," the company's statement says.

The expected acquisition of Energy Made Clean, a battery/solar microgrid engineering procurement and construction company, follows Carnegie's strategic alliance and investment in the firm earlier this year.

The acquisition and name change is subject to shareholder approval.

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