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"UPDATE 1.50pm: Shares in Carnegie Wave Energy were higher after the company said it would spend $13 million in cash and scrip to take 100 per cent ownership of local success story Energy Made Clean (EMC). Carnegie took a 35 per cent stake the company earlier this year as part of a strategic alliance and diversification strategy. Under the terms of the latest deal, Carnegie will pay $2.6 million in cash and $10.4 million in shares to take the remaining 65 per cent stake in EMC. The company hopes to exploit the growing renewable energy microgrid project market which is expected to be worth $US40 billion by 2020. EMC specialises in the design, construction and operation of microgrids, commercial scale solar projects and energy storage systems. EMC turned over $16 million in revenue in the 2016 financial year. Carnegie managing director Michael Ottaviano said the company had been impressed with EMC&rsquo;s capability to deliver unique, pioneering microgrid systems to blue-chip clients such as Western Power, Synergy, Horizon Power, Water Corporation and the Australian Department of Defence. &ldquo;This acquisition unlocks Carnegie&rsquo;s ability to deliver a unique, in-house capability to capitalise on a rapidly growing segment of the renewable energy market globally,&rdquo; he said. Carnegie is looking to target island nations with its wave, solar and microgrid technology with relationships already in place with Mauritius, Sri Lanka and Bermuda. Shares in Carnegie were up 0.2 cents, or 5.41 per cent, to 3.9 cents at the close after hitting an intraday peak of 4.2 cents."
<https://thewest.com.au/business/finance/carnegie-wave-up-on-energy-made-clean-acquisition-ng-ya-179554>