Carnegie collapse reviewed
Administrators have revealed the inner workings of a now-collapsed wave energy project.
The highest bid that Carnegie Clean Energy attracted for its solar microgrid company was just $200,000 — well short of the $13 million cash and shares deal that formed the business in 2016.
Carnegie went into voluntary administration in March after the West Australian Government cancelled a deal for the company to build a wave farm in the Great Southern region near Albany.
The Government bailed due to uncertainty around Carnegie's financial position, with the firm posting big losses and write-downs on its wave energy technology, CETO.
KordaMentha administrators have been brought in for Carnegie and its solar microgrid subsidiary Energy Made Clean (EMC).
After poring through the company's books, the administrators revealed Carnegie had just $3,198 cash in the bank when it placed itself into voluntary administration on March 15.
The administrators have recommended both Energy Made Clean Pty Ltd and EMC Engineering be liquidated, but suggested the core Carnegie wave energy business could be salvaged with a capital raising.