Carnegie’s Cash Flow Boost Raises Stakes for 2025 CETO Deployment Success

Funding Secured to Propel ACHIEVE Programme

Carnegie Clean Energy (ASX: CCE) has announced a pivotal quarter marked by the securing of a €2.5 million Export Growth Bond Facility with Export Finance Australia (EFA). This facility is designed to provide advance payment guarantee bonds, optimising cash flow for the company’s ACHIEVE Programme, which aims to deploy its CETO wave energy technology in the Basque Country in 2025. Complementing this, Carnegie also secured a $2.5 million loan agreement to smooth cash flow during the construction and deployment phases of the programme.

Progress on CETO Design and Manufacturing

The company reported the successful completion of critical design milestones for the CETO technology, unlocking milestone payments from the EuropeWave programme. These design reports have paved the way for the procurement and testing of key components, with site visits to suppliers such as Oswald, Quoceant, SKF, and Sumitomo confirming progress in manufacturing and testing. This hands-on engagement with the supply chain not only ensures quality but also strengthens collaborative ties essential for scaling wave energy technology.

Advancing Technological Innovation with Hewlett Packard Enterprise

Carnegie extended its collaboration with Hewlett Packard Enterprise (HPE) to further develop a reinforcement learning-based controller for the CETO system. This AI-driven controller is expected to optimise the performance and efficiency of the wave energy converters, with deployment planned as part of the ACHIEVE Programme. The partnership leverages HPE’s expertise in artificial intelligence and high-performance computing, underscoring Carnegie’s commitment to integrating cutting-edge technology into renewable energy solutions.

MoorPower Moves Toward Commercialisation

Alongside CETO, Carnegie’s MoorPower technology, designed to provide clean energy to offshore moored vessels such as aquaculture feeding barges, has reached significant milestones. The successful deployment of a scaled demonstrator in 2024 validated design models and demonstrated the potential to meet at least 50% of annual energy demand. The company is now focusing on commercial-scale deployments, with active discussions underway for a pilot project integrating MoorPower units on operational feed barges, notably engaging with Huon in Tasmania to explore commercial opportunities.

Corporate and Financial Overview

Carnegie held its 2024 Annual General Meeting in November, where all resolutions were passed, and the company’s strategic direction was reaffirmed. Financially, Carnegie ended the quarter with approximately $3.82 million in cash reserves. Payments to related parties amounted to around $74,000 for salaries and contracted services. The company’s cash flow reflects ongoing investment in research, development, and commercialisation activities, supported by the newly secured financing facilities.

Looking ahead, Carnegie’s focus remains on delivering the ACHIEVE Programme’s deployment milestones and advancing MoorPower’s commercial applications. These developments position Carnegie as a notable player in the emerging wave energy sector, with the potential to contribute meaningfully to the global renewable energy transition.