Re: Carnegie Commercial Scale Pump Update

2 December 2010

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie Commercial Scale Pump Update

Please find below an announcement released on 2 December 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:

"Commercial Scale Pump Update

·; Key CETO 3 component passes all factory acceptance tests

·; Pump to be despatched today from France to Fremantle

Carnegie Wave Energy Limited (ASX:CWE) is pleased to announce the hydraulic pump for its commercial scale demonstration unit has successfully met all the required tests ahead of shipping to Carnegie's Fremantle Wave Energy facility.

The unit's French-based manufacturer, Douce Hydro, advised Carnegie yesterday that the commercial scale pump successfully completed its factory acceptance testing regime including pressure testing, friction measurement, full extension and retraction test as well as detailed dimensional checks. The pump is now packaged ready for shipping to Carnegie's Fremantle Wave Energy Facility ready for integration into onshore testing program immediately upon its arrival.

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."

Ends

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