To get started with our coverage of Australian listed alternative energy stocks, let’s look briefly at one of the star performers of the last few months.

Perth-based Carnegie Corporation (ASX:CNM) is focused on developing and commercialising clean energy technologies, with current projects in “CETO” wave energy technology and “Cleaner Coal Power”, a low-emission, coal-fired power generation technology. They further aim to become a diversified clean energy technology company and in their 2007 AGM presentation, bullishly ask: “who will become the Googles and Microsofts of the sector?”

Performance-wise, CNM’s share price has more than doubled in only the last month to reach its close today at AU$0.47. Current speculation appears linked to potential commercial deployments 12-18 months away as CNM states in their recent ASX response on price movements since The West Australian newspaper’s article “Carnegie surges on eve of water deal”.

The clean coal technology commercialisation appears further away, given mention of “field trials” in 2010 in Carnegie Corporation’s AGM Presentation, dated Nov 27th, 2007.

The CETO wave energy technology itself, invented by Carnegie Chairman Alan Burns, has been under development for nearly 10 years. CETO was then funded by a 2005 IP-for-equity swap (currently 4% or ~AU$2m) with UK listed Renewable Energy Holdings (LSE:REH). In August 2007, Carnegie announced an agreement with REH that allows Carnegie to “take up to 90%” of Southern Hemisphere projects in return for partly funding development up to AU$10m. With project announcements possibly imminent, the cause for recent speculation and price appreciation becomes clear.

Taking a global view, possible competition in wave energy production might come from Finavera Renewables (CDNX:FVR.V), mentioned on AltEnergyStocks.com as one of Tom Konrad’s “top ten speculations for 2008″.

Further research into the companies and technology is necessary and will be posted here as we grow the site.

Disclosure: This writer owns CNM shares.