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. The Company’s projects include Perth Wave Energy Project, which is located 30km south of Perth in Western Australia, on Garden Island, and CETO 6 Project, which includes the design, construction and deployment of three CETO 6 units off Garden Island in Western Australia. Perth Wave Energy Project is approaching the deployment and commissioning phase, with onshore testing underway to ensure the deployment process is executed. CETO 6 Project would be up to three megawatts (MW) in capacity and would be connected to the Western Australian electricity grid.