Carnegie Clean Energy's subsidiary has received a significant milestone payment under the EuropeWave contract, marking progress in deploying its wave energy technology at a key European marine site.
- Received €351,471 milestone payment under EuropeWave Phase 3 contract
- Payment linked to completed System Integration Review and fabrication updates
- Deployment of CETO technology at Biscay Marine Energy Platform in Basque Country
- 46% of total EuropeWave contract value drawn down to date
- ACHIEVE Programme advancing wave energy commercialisation in Europe
Milestone Payment Signals Progress
Carnegie Clean Energy (ASX:CCE) has announced that its wholly owned subsidiary, CETO Wave Energy Ireland, has received a milestone payment of approximately AUD 623,000 (€351,471) under the EuropeWave Phase 3 contract. This payment follows the successful completion of key project deliverables, including a System Integration Review and fabrication updates, which are critical steps in the deployment of Carnegie’s wave energy technology.
Deploying Wave Energy in the Basque Country
The EuropeWave contract supports the first deployment of Carnegie’s CETO technology at the Biscay Marine Energy Platform (BiMEP) located in the Basque Country, Spain. This deployment is part of the broader ACHIEVE Programme, which aims to operate a CETO prototype in an open ocean environment for up to two years. The data collected during this period will be instrumental in validating the technology’s performance and advancing its commercialisation pathway.
Strategic Funding and Collaboration
The ACHIEVE Programme benefits from multiple funding sources, including grants from the Spanish Government’s RENMARINAS Demos Programme and the Basque Government’s Ente Vasco de la Energia. The EuropeWave initiative itself is a collaborative R&D programme backed by over €22.5 million in national, regional, and EU funding, designed to accelerate the development of cost-effective wave energy converters capable of withstanding harsh ocean conditions.
Commercialisation and Market Implications
With this milestone payment, CETO Wave Energy Ireland has drawn down 46% of its total EuropeWave Phase 3 contract value, reflecting steady progress toward full deployment. Carnegie’s focus on integrating artificial intelligence and advanced electric machinery into its wave energy systems positions the company at the forefront of ocean renewable energy innovation. The success of this project could pave the way for broader adoption of wave energy technologies across Europe, aligning with the European Green Deal’s ambitious targets for ocean energy capacity by 2030.
Looking Ahead
As Carnegie continues to advance the ACHIEVE Programme, the coming months will be critical for monitoring operational data and further milestone achievements. The company’s ability to demonstrate reliable, efficient wave energy generation in a challenging marine environment will be key to unlocking future commercial opportunities and scaling its technology globally.
Bottom Line?
Carnegie’s milestone payment marks a tangible step forward in wave energy commercialisation, but the real test lies ahead in operational performance and market adoption.
Questions in the middle?
- How will the operational data from the BiMEP deployment influence future funding and partnerships?
- What are the timelines and expectations for subsequent milestone payments under the EuropeWave contract?
- How competitive is Carnegie’s CETO technology compared to other wave energy solutions in Europe?