Carnegie Clean Energy marked steady progress in Q3 2025, hitting key manufacturing milestones for its CETO wave energy system in Spain, securing €4 million in EU funding, and raising $2.1 million from shareholders to fuel commercialisation efforts.
- Selected as key technology partner in €4M Horizon Europe-funded COIN project
- Completed major manufacturing milestones for CETO deployment in Basque Country
- Raised $2.116 million through Share Purchase Plan to support growth
- Advanced MoorPower technology towards commercial pilot phase
- Maintained $3 million cash reserves amid ongoing operational investments
Steady Progress on Wave Energy Commercialisation
Carnegie Clean Energy (ASX – CCE) has reported a quarter of solid advancement in its mission to harness ocean waves for clean electricity. The company’s proprietary CETO technology, a fully submerged wave energy converter, is moving closer to commercial deployment with significant manufacturing milestones achieved at the Basque Marine Energy Platform (BiMEP) in Spain. Foundations and key components for the ACHIEVE Programme’s CETO prototype have been completed, signaling tangible progress towards operational testing in an open ocean environment.
CEO Jonathan Fievez highlighted the visible signs of momentum, noting the arrival of large metal fabrications from suppliers as a clear indicator that the project is entering its most exciting phase. This deployment is a critical step in validating CETO’s performance and commercial viability in Europe’s emerging wave energy market.
European Funding Boost and Strategic Partnerships
Carnegie’s technology leadership was further endorsed by its selection as the key technology partner in the €4 million COIN project, fully funded under the Horizon Europe Programme. This initiative aims to reduce the Levelised Cost of Energy (LCOE) for wave power by 30% through innovations in AI-enhanced control systems, novel connector designs, and digital twin health monitoring. The COIN project consortium includes nine leading European organisations, with Carnegie’s CETO serving as the reference wave energy converter for testing and validation.
Collaborations with partners such as Quoceant and Hewlett-Packard Enterprise are set to leverage lessons from the ACHIEVE Programme to scale up mooring connectors and refine advanced control systems. These developments align closely with Carnegie’s commercial ambitions, including a proposed 6MW CETO array deployment in Europe.
Capital Raise and Financial Position
Supporting these technical advances, Carnegie successfully raised $2.116 million through a Share Purchase Plan, reflecting shareholder confidence in the company’s commercial pathway. The funds will primarily support the 6MW CETO Array, ongoing ACHIEVE operations, the MoorPower commercial pilot, and general working capital needs.
Despite ongoing operational cash outflows, Carnegie ended the quarter with approximately $3 million in cash reserves and access to a $2.5 million loan facility bearing 15% interest, providing a runway of nearly four quarters at current burn rates. The company continues to invest heavily in research, development, and manufacturing as it pushes towards commercialisation.
Advancing MoorPower and Market Engagement
Beyond CETO, Carnegie is advancing MoorPower, a spin-off technology designed to decarbonise offshore operations by providing clean electricity to moored vessels such as aquaculture barges. The Preliminary Design phase is underway, supported by industry partners including Huon Aquaculture and the University of Tasmania. Data collection and modelling efforts are refining MoorPower’s real-time energy generation capabilities, with a commercial pilot project on the horizon.
Carnegie also engaged with key stakeholders through investor webinars, ministerial roundtables with Western Australia’s Defence Industries Minister, and presentations at international forums such as the European Wave and Tidal Energy Conference. These activities underscore the growing interest in wave energy’s potential across commercial and defense sectors.
Bottom Line?
With strong European partnerships and fresh capital, Carnegie is poised to turn wave energy innovation into commercial reality, but execution risks remain as deployment timelines tighten.
Questions in the middle?
- How will the ACHIEVE Programme’s CETO deployment data influence commercial scaling decisions?
- What are the key technical challenges expected in the upcoming 6MW CETO array project?
- How soon can MoorPower transition from design to commercial pilot, and what markets will it target first?