Re: Carnegie onshore test results

4 April 2011

Renewable Energy Holdings plc

("REH" or the "Company")

Re: Carnegie onshore test results

Renewable Energy Holdings plc (AIM: REH), the AIM quoted investor in, and operator of, European wind power, notes an announcement released on 4 April 2011 by Carnegie Wave Energy Limited, in which REH holds 232,600,000 fully paid ordinary shares, representing 27.0% of the entire issued share capital.

"4 April 2011

Onshore Test Results

·; Onshore pump and hydraulic system test completed

·; Successfully characterised performance in different simulated conditions

·; Demonstrated ability to control pressure settings remotely (onshore)

·; Unit performance results in line with expectations

Wave energy developer Carnegie Wave Energy (ASX: CWE) is pleased to advise that the onshore testing of the CETO pump and hydraulic module for its Garden Island commercial scale demonstration has been successfully completed.

The test programme involved exhaustive cycling of the pump using a hydraulic actuator to characterise the system performance and to ensure reliable function. Both sinusoidal and irregular waveforms were simulated at various pressure configurations to recreate the bulk of the scenarios likely to be encountered at sea.

A key element of the system is the data acquisition and remote control system which was also tested extensively. This system allows availability of high speed data and complete system control in real-time from the CETO control centre in West Perth. Engineers will man the centre around the clock to conduct power optimisation trials and monitor performance.

Carnegie's Managing Director Dr Michael Ottaviano said,

"We are very pleased with the results of the onshore test program. Mobilisation for offshore deployment is underway."

A large quantity of data has been acquired during the onshore testing which has been evaluated by Carnegie's technical team and is consistent with expectations. The data is also used to calibrate Carnegie's computational models thus greatly enhancing the accuracy of future predictions. An image of the testing system and a video are viewable on Carnegie's website www.carnegiewave.com.

About the Perth Wave Energy Project

Carnegie's Perth Wave Energy Project is located offshore Fremantle in the ocean between Garden Island and Five Fathom Bank at a depth of approximately 25 metres. Upon completion, it will be Australia's first commercial scale wave energy project.

The primary aim of the project is to demonstrate the CETO technology in commercial operation. The project site could also be a base for a desalination pilot project utilizing Carnegie's CETO technology.

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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