The wave power company that was handed West Australian government funds despite not meeting targets for a regional project has posted a big half-year net loss and only has $1.68 million left in the bank.
It emerged in parliament in September that Carnegie Clean Energy had not cleared any hurdles connected to the Albany project, but still got a $2.625 million payment the following month.
The company submitted its half-year financial report to the Australian stock exchange several days late on Wednesday, showing a $45 million net loss, largely due to a write down in the carrying value of intellectual property.
Carnegie's funding plan for the Albany project is being reviewed by cabinet, and Premier Mark McGowan last week described the company's financial position as "concerning".
Nationals MP Terry Redman said it was time for the state government to stop "putting chips on the table".
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"It may be that they give another bunch of tranches and then the company falls over at the eleventh hour - well that's no good for the taxpayer," Mr Redman told 6PR radio.
"All the signals that have piled up over the last 18 months should be signals enough to the government to say 'we've got to call it quits'."
