Re: Carnegie CETO 3 Deployment Vessel

5 October 2010

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie CETO 3 Deployment Vessel

Please find below an announcement released on 5 October 2010 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 29.06% of the entire issued share capital:

"CETO 3 Deployment Vessel

§ Award of vessel charter contract to experienced offshore provider

§ CETO3 installation activities progressing to schedule

Wave Energy developer Carnegie Wave Energy Limited (ASX:CWE) is pleased to announce that it has formally secured the vessel for the deployment of the commercial scale CETO 3 unit.

Carnegie has awarded a vessel charter contract to North Fremantle-based Total AMS Pty Ltd ("TAMS"), an experienced offshore equipment, mooring and diving service provider, for the hire of a barge for the purposes of the CETO 3 installation activities at its wave energy site to the west of Garden Island off Perth in Western Australia.

The installation barge will provide a working platform for the CETO 3 installation equipment and system components. Prior to commencing the installation the barge will be fitted out with a 50 tonne crawler crane, air compressor, generator and dive operation support equipment. TAMS has agreed to charter the barge, pictured below, on a fixed term contract to cover offshore installation and retrieval activities.

Carnegie Wave Energy's Managing Director, Dr Michael Ottaviano, said,

"We are pleased to have secured the services of TAMS as we have an established relationship providing confidence in their ability to deliver. A key benefit of the Garden Island site is its proximity to competent and well resourced offshore equipment and service providers and general port infrastructure."

Carnegie and TAMS have a well established working relationship with TAMS, being involved in deployment and retrieval activities at Carnegie's Fremantle Wave Energy Facility as well as the CETO 3 foundation installation. TAMS has a portfolio of mooring installation equipment ranging from small lighter barges through dive support vessels and tug boats to jack up rig mounted dredging equipment.

The TAMS Barge

The CETO 3 offshore deployment and testing activities are on track to be carried out in 2010 following on from onshore pre-deployment tests. The aim of this testing is to demonstrate the functional performance of the commercial scale CETO 3 design.

About CETO

The CETO system distinguishes itself from other wave energy devices by operating out of sight and being anchored to the ocean floor. An array of submerged buoys is tethered to seabed pump units. The buoys move in harmony with the motion of the passing waves, driving the pumps which in turn pressurise water that is delivered ashore via a pipeline.

High-pressure water is used to drive hydroelectric turbines, generating zero-emission electricity.

The high-pressure water can also be used to supply a reverse osmosis desalination plant, replacing greenhouse gas emitting electrically driven pumps usually required for such plants.

CETO Technology characteristics include:

§ CETO converts wave energy into zero-emission electricity and desalinated water

§ CETO is environmentally friendly, has no visual impact and attracts marine life

§ CETO is fully submerged in deep water away from popular surf breaks

About Carnegie

Carnegie Wave Energy Limited is an Australian, ASX-listed (CWE) wave energy technology developer. Carnegie is the owner and developer of the CETO Wave Energy Technology intellectual property.

About Total AMS

Total AMS is a Fremantle based marine and harbour services organisation offering diverse workboat services, qualified marine crew, commercial diving services and mooring equipment and installation. Total AMS is unique to the Australasian marine services industry, combining their capability and know-how to deliver innovative marine logistics, construction, dredging, shore crossing, tow-out, and salvage project solutions."

Ends

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