Carnegie Secures €1.6M in Milestone Payments, Advances 6MW CETO Array Development
Carnegie Clean Energy has made significant strides in advancing its wave energy technologies, signing key MOUs and achieving critical milestones in the ACHIEVE Programme during the June 2025 quarter.
- Development of 6MW CETO wave energy array at BiMEP initiated
- Strategic MOUs signed with BiMEP (Europe) and Chugachmiut (Alaska)
- ACHIEVE Programme advances with successful testing and SKF partnership
- Received approximately €1.6 million in milestone payments supporting deployment
- Secured $335k funding for MoorPower preliminary design targeting aquaculture market
Progressing Wave Energy Commercialisation
Carnegie Clean Energy has reported a productive quarter ending 30 June 2025, marked by tangible progress in its mission to commercialise ocean wave energy technologies. Central to this momentum is the commencement of development for a 6MW CETO wave energy array at the Biscay Marine Energy Platform (BiMEP) in the Basque Country, Europe. This project, underpinned by a recently signed Memorandum of Understanding (MOU) with BiMEP, aims to deploy six 1MW commercial-scale CETO units connected to the existing offshore grid infrastructure, representing a significant scale-up in wave energy deployment.
Complementing its European ambitions, Carnegie has also inked an MOU with Chugachmiut, a company serving Native tribes in Southcentral Alaska. This partnership explores the application of CETO technology to provide clean, reliable power to remote and off-grid communities, highlighting the versatility and global potential of Carnegie’s wave energy solutions.
Advancements in the ACHIEVE Programme
The ACHIEVE Programme remains a cornerstone of Carnegie’s commercialisation pathway. The quarter saw successful electrical and control system testing at SEI’s Basque facilities, validating key components ahead of deployment. A strategic partnership with SKF, a global engineering leader, has been established to manufacture and assemble Power Take-Off (PTO) units critical to the CETO system’s performance and reliability. This collaboration is expected to accelerate the pathway to commercial readiness.
Manufacturing and supply chain activities have progressed steadily, with components being fabricated and assembled across Europe. Pre-deployment site works at BiMEP have commenced, including the removal of previous installations and deployment of wave buoys to provide real-time environmental data, essential for operational planning and performance validation.
MoorPower Gains Traction in Aquaculture
In parallel, Carnegie’s MoorPower technology, designed to supply offshore moored vessels with renewable energy, has reached a pivotal stage. The Blue Economy Cooperative Research Centre awarded $335,000 to fund preliminary design activities for a commercial pilot project. This initiative, developed in partnership with industry and academic collaborators, aims to deploy MoorPower on an operational feeding barge, targeting the aquaculture sector’s need for stable, low-carbon power solutions.
Financial and Investor Engagement Highlights
Financially, Carnegie reported cash reserves of approximately AUD 2.9 million at quarter-end, supported by a $2.5 million loan facility. The company received milestone payments totaling around €1.6 million, including advanced payments from European grant programs, which underpin ongoing project activities. Investor engagement efforts intensified with roadshows in Germany and the United States, aimed at broadening Carnegie’s investor base and raising awareness of its technological progress and commercial prospects.
CEO Jonathan Fiévez described the current phase as an inflection point, with multiple commercial opportunities emerging across Europe and North America. The company’s focus remains on delivering the ACHIEVE Programme milestones, advancing MoorPower’s commercial pilot, and leveraging strategic partnerships to unlock the full potential of wave energy.
Bottom Line?
Carnegie’s recent progress signals a pivotal step towards commercialising wave energy, but upcoming deployment results and market adoption will be critical to sustaining momentum.
Questions in the middle?
- How will the 6MW CETO array performance at BiMEP influence future large-scale deployments?
- What are the timelines and funding requirements for the MoorPower commercial pilot project?
- How effectively can Carnegie convert MOUs into binding contracts and revenue-generating projects?