Shares in Carnegie Wave Energy were higher after the company announced it had secured planning approval for the offshore elements of its wave energy project at Garden Island south of Perth.
"The final regulatory and approval step required for (project) is the execution of a formal lease agreement with the WA Department of Regional Development and Lands over the existing offshore licence area and required pipeline easements ashore," the company said in a statement.
"This is expected to occur in the coming days."
Carnegie's project development officer Tim Sawyer said the company was pleased to have received offshore planning approval and looked forward to executing the lease agreement with the State in the coming days.
Carnegie shares were up 0.1 cents, or 3.03 per cent, to 3.4 cents at 10.30am.