The Carnegie Corporation has agreed to pay about £30 million for the intellectual propety rights to Renewable Energy Holdings' wave energy patent portfolio, CETO. Along with the patent portfolio and other intellectual property, Carnegie will acquire REH’s commercial site pipeline and assume responsibility for the company’s relationship with EDF Energies Nouvelles SA. This is a joint venture licence relationship in the Northern Hemisphere to own and operate CETO Wave Power Projects.

Carnegie already has a joint venture licence relationship with REH in the southern hemisphere to develop the CETO Wave Energy technology.

The deal will involve the transfer of 252,000,000 fully paid new ordinary shares of Carnegie to REH. This holding would make REH a 35% shareholder of Carnegie. Issuance of the shares by Carnegie will also represent in part final payment in relation to the amounts due to REH under the agreement announced in August 2007.

Commenting on the deal Carnegie's Managing Director, Dr Michael Ottaviano, said: "This transaction will deliver significant value to Carnegie shareholders in opening up northern hemisphere opportunities for us in the United States, Europe and across Asia. Whilst the southern hemisphere has a superior wave resource, approximately 90% of global power consumption occurs in the northern hemisphere.

"Additionally, many locations in the northern hemisphere have very attractive markets for renewable energy including some with targeted wave energy feed-in tariffs. We look forward to working closely with EDF EN in developing these Northern Hemisphere markets," concluded Ottaviano.