Aussie seeks funds for clean coal technology

AUSTRALIAN-listed clean energy company Carnegie Corp this week launched a capital raising which it hopes will raise up to $A1.07 million to develop its clean coal power technology.

Angie Tomlinson

Carnegie’s CCP is a low-emission, coal-fired power generation technology that consists of a novel steam generator and turbine system.

The company said it had the potential to generate electricity at significantly higher thermal efficiencies than existing technologies, and therefore with lower greenhouse emissions, and with a lower capital cost than conventional coal-fired power plants.

The technology allows high-pressure steam to be created by the rapid heat transfer from pressurised gas through a thin-walled, high surface area vessel.

“We expect to be commercial ready within three years and for a fraction of the cost of other clean coal technologies being pursued globally," Carnegie chief Dr Mike Ottaviano said.

Carnegie has already bought several technology developments to fruition including the CETO Wave Energy Convertor and the Pursuit Drive.

Carnegie will issue up to 38,250,000 fully paid shares at 2.8c per share in an excluded offer.