Carnegie Wave Energy Limited (Carnegie) is engaged in the development and commercialization of the CETO wave energy technology. CETO is a fully submerged, subsea pumping system that sends high-pressure fluid ashore to create renewable, zero-emission power or fresh water. During the fiscal year ended June 30, 2011(fiscal 2011), its Stage 1 of the Perth Wave Energy Project was completed. The Perth Wave Energy Project is located 3 kilometer west of Garden Island in 20 to 24 meter of water. During fiscal 2011, Carnegie�s first international CETO project was progressed with joint venture partner EDF Energies Nouvelles (EDF-EN). This project is jointly owned and funded by Carnegie with 49% interest and EDF-EN with 51% interest. In March 2013, it announced the establishment of a 100% owned subsidiary, CETO Wave Energy UK Limited (CWE UK).