On behalf of the WSE board, I am very pleased to announce that the company’s second private capital round is now closed. The round, which was oversubscribed, raised $5.8 million.
WSE’s funding mix consists of private capital, an Australian federal government grant from the Australian Renewable Energy Agency (ARENA) and annual rebates from the government’s R&D rebate program.
We would like to thank our shareholders for their ongoing support. We are grateful for their investment and the valuable support from ARENA and the federal government.
The construction phase of the King Island project is now underway. The months ahead represent an exciting period for WSE, our shareholders and all involved. We are on schedule to have the King Island device built, deployed, commissioned and operating by mid-2020.
Tom Denniss, Chair and CEO.