Much to the delight of its shareholders the Carnegie Clean Energy Ltd (ASX: CCE) share price has been amongst the biggest movers on the market on Friday.
At the time of writing the clean energy company's shares are up 9% to 4.8%.
Why are its shares higher?
This morning Carnegie Clean Energy announced that it has been awarded $15.8 million by the Western Australian government to deliver a Wave Energy Project at Albany.
According to the release, the company won a globally competitive tender process that attracted submissions from wave energy developers around the globe.
Carnegie will commence work on the project immediately with upcoming activities set to include project design, wave buoy deployment, site surveys, community consultation, and approvals.
Looking ahead, management believes that with its wave energy technology, the company has the potential to build an industry it can commercialise and export globally.
