Riding the wave, but hopefully not goodbye

He is taking up the minimum offer under the company's share purchase plan, 25,000 new shares at 4c each, before the offer closes on Friday, June 21.

He sank $1000 into the company two years ago and has lost more than half of it, so this second installment could be looked on as a second marriage - "the triumph of hope over experience", to quote Oscar Wilde.

However, much has happened in those two years. Following its success in beating 36 rival technologies in a competitive European program, it attracted more than $7 million ($11.5m) in funding in the second half of 2023 and has won a contract to install its latest prototype next year for a two-year commercial demonstration off the Basque coast in northern Spain.

The share offer aims to raise $3m, mainly to top up funding for this demonstration. In a webinar spruiking its prospects last week, the company noted the European Union has set a target of one gigawatt of installed ocean energy by 2030.

To get there, there will have to be $5 billion of capital expenditure in the EU alone. Just 10 per cent of that could generate revenue for Carnegie of more than $800m a year.

Meanwhile, the falling milk price must come at a considerable relief to Beston Global Foods (BFC), which at the end of March had only enough cash to carry on for a month. It has been squeezed by soaring milk supply at record prices.

However, the cash burn included capital expenditure which has now been completed or suspended, and it hopes to sell its meat company to reduce debt. The jewel in its crown, lactoferrin, is doing well, but the next quarterly report will be interesting.