The Government also said its investment of Royalties for Regions money would create hundreds of jobs in the region.
The termination of the deal is a massive setback for Australia's wave energy industry, already struggling to compete against the growth in cost-effective renewable sources like solar and wind power. But trading in Carnegie's shares was suspended from the ASX almost two weeks ago after the firm failed to release its half-year results on time.the value of Carnegie's prized asset — its CETO wave technology — had plummeted to $15 millionThe company is being kept alive by a $2 million loan by one of its directors and biggest shareholders, former AFL Commissioner Mike Fitzpatrick, but suffered $6 million of losses from EMC and the departure of more than 30 staff in six months.
Wave Goodbye
GarthGodsman Only $2.6mill of taxpayer money pissed up! Thank f**k it collapsed so quickly.
More waste of WA Tax payers money.
Its just not fair 😭
KetanJ0 Nooooo! I really want that company to succeed.. \\
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