08/08/2008
A 20-megawatt wave farm in Bermuda is the latest project to be embarked upon by Renewable Energy Holdings.
Isle of Man-based Renewable Energy (REH) has signed a memorandum of understanding with a Bermudan company, Triton Renewable Energy, for a joint venture to build an initial 2MW test site, using REH’s nascent ‘CETO’ wave power technology.
Subject to local regulatory approvals, the two companies then hope to install a 20MW wave farm, connected to Bermuda’s grid and able to supply Bermuda with electricity and ‘the option of desalinated water’.
AIM-quoted REH says it expects to conclude negotiations this year, while CETO is ‘in the final stages of commercial testing’ with a commercial launch anticipated in 2009.
Chief executive officer Mike Proffitt says ‘Bermuda has an excellent wave regime and there are several sites which we believe would be suitable for a CETO wave farm.’
REH shares, which halved to 33p in 2006, now stand at 43p, where they offer speculative long-term potential.
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| Market cap: | £28m |
| PE Forecast: | n/a |
| Share price: | 43p |
| AIM | £25.57m |
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