The Carnegie Clean Energy Ltd (ASX: CCE) share price jumped 14% this morning after it announced it had been selected to lead global business in achieving the United Nation's Sustainable Development Goal number 7 – Affordable and Clean Energy.
The share price of the Australian-based clean energy company is up 87% in the past 5 years.
According to Google Finance, Carnegie Clean Energy Limited, formerly Carnegie Wave Energy Limited, is a wave energy technology developer and solar/battery microgrid project developer.
The Company is an owner and developer of the CETO Wave Energy Technology intellectual property. It is engaged in designing, developing, financing, constructing, operating and maintaining microgrids, utilizing a combination of wave, solar, wind, energy storage, desalination and diesel in both on and off-grid applications in Australia and internationally.
Carnegie Clean Energy shares have rocketed higher as investors hope the announcement leads to higher sales and new customers for the $145 million company, which is currently unprofitable.
At a current share price of $0.056, Carnegie Clean Energy is priced at around 81x 2016's revenue, and does not pay a dividend.
