Carnegie Clean Energy is reportedly looking for potential manufacturing partners in China as the company aims to reduce the cost of wave energy.
The Australian clean energy company is aiming to lower the cost of energy production from waves to A$0.1/kW, the price required to commercialize wave energy, and in that regard, is looking for potential manufacturing partners in China that would help it reach its goal, South China Morning Post reports.
“Everybody [in China] that we have been in touch with is interested in our project since they can see the potential of wave energy. Some have been involved in the wind or solar equipment industry and understand the market potential. The question for us is finding out who could truly deliver quality products at a good price,” Michael Ottaviano, CEO of Carnegie, said for South China Morning Post.
Ottaviano added Carnegie would prefer to work with Chinese companies that have experience in supplying the international market, and is looking at the end of March to announce the manufacturing partner, according to South China Morning Post.
Carnegie is developing multiple wave and renewable energy microgrid projects across Asia, Europe and America.
Last month, the company received financial backing of £9.6 million ($11.8 million) from the European Regional Development Fund for the first phase of its planned 15MW commercial wave energy project at Wave Hub, off UK.
More recently, Carnegie received Au$1.1 million ($790,000) from the Australian Renewable Energy Agency for the completion of the CETO 6 design for the Garden Island Wave Project, off Western Australia.