Carnegie Leads €4M EU Wave Energy Innovation Project
Carnegie Clean Energy has secured a pivotal role in a €4 million European Commission-funded project aimed at advancing wave energy technology and reducing costs. The initiative leverages Carnegie’s CETO platform to pioneer innovations that could reshape the future of ocean energy farms.
- Carnegie selected as key technology partner in €4M COIN project
- Project fully funded by European Commission under Horizon Europe
- CETO technology serves as reference platform for innovation testing
- Focus on AI wave prediction, digital twin health monitoring, and novel connectors
- Carnegie to receive €383k with no cash contribution required
Carnegie’s Strategic Role in European Wave Energy Innovation
Carnegie Clean Energy (ASX – CCE) has been named the key technology partner in the newly launched COIN Project, a €4 million initiative fully funded by the European Commission through the Horizon Europe Programme. This project aims to push the boundaries of wave energy technology by developing advanced control-oriented innovations designed to improve the reliability, survivability, and cost-efficiency of future wave energy farms.
The COIN consortium brings together nine leading European organizations, coordinated by Germany’s Technische Universität Braunschweig. Carnegie’s CETO technology, known for its fully submerged design and sophisticated power take-off system, has been chosen as the reference wave energy converter. This selection underscores CETO’s position at the forefront of ocean energy innovation, providing a real-world platform to test and validate cutting-edge advancements.
Innovations Targeting Cost and Performance
The project focuses on several key technological breakthroughs, including a novel connector system, an AI-enhanced wave prediction model, and a digital twin framework for health monitoring and control. These innovations aim to reduce the levelised cost of energy (LCOE) from wave power by 30%, a significant step toward making ocean energy commercially competitive with other renewables.
Carnegie’s involvement also strengthens its existing collaborations with partners Quoceant and Hewlett-Packard Enterprise (HPE). Quoceant will apply insights from previous programs to scale up mooring connectors, while HPE continues to develop advanced control systems for commercial-scale deployments. These partnerships align closely with Carnegie’s recent announcement of a proposed 6MW commercial-scale CETO deployment.
Financial and Strategic Implications
Importantly, the COIN Project is fully funded by the European Commission, meaning Carnegie will receive €383,000 (approximately AUD 684,000) for its contributions without needing to invest cash upfront. This funding supports the company’s commercialisation pathway and accelerates technology development at no direct cost, a rare and valuable opportunity in the capital-intensive renewable energy sector.
CEO Jonathan Fievez highlighted the project’s significance, noting that integrating real-time wave prediction and digital twin technologies will be crucial for managing the ocean’s dynamic forces and enhancing CETO’s robustness. These advancements are expected to improve the commercial viability of wave energy, helping Carnegie maintain its leadership position in this emerging market.
Over the next 48 months, the COIN Project will harness expertise from across Europe, combining academic research and industry experience to deliver innovations that could redefine the future of ocean energy farms.
Bottom Line?
Carnegie’s leadership in this EU-funded project could accelerate wave energy’s commercial breakthrough, but execution and market adoption remain key hurdles.
Questions in the middle?
- How will COIN’s innovations translate into tangible cost reductions for Carnegie’s commercial deployments?
- What milestones and deliverables will mark progress over the 48-month project timeline?
- Could this project open new markets or partnerships beyond Europe for Carnegie’s CETO technology?
