How Is Carnegie Clean Energy Advancing Wave Tech Despite $1.7M Loss?

Financial Performance and Revenue Growth

Carnegie Clean Energy Limited has reported a net loss after tax of $1.705 million for the half-year ended 31 December 2025, marking a slight increase from the $1.39 million loss recorded in the same period last year. Despite the ongoing losses, the company’s revenue rose to $237,708, up from $137,980, primarily driven by electricity sales from its Garden Island Microgrid project.

Advancing Wave Energy Technology

The company continues to develop its core CETO wave energy technology, a submerged point absorber designed to convert ocean waves into renewable electricity. Progress has been made under the ACHIEVE Programme, which includes fabrication and onshore testing of a CETO prototype scheduled for deployment in 2026 at the Basque Marine Energy Platform in Spain. This initiative is supported by European and regional government funding, reflecting strong international collaboration.

Additionally, Carnegie commenced the €4 million COIN Project, funded by the European Union, aiming to reduce the cost of wave energy by 30% through innovations validated on the CETO platform. This project underscores Carnegie’s commitment to driving down costs and enhancing commercial viability.

MoorPower Development and Industry Collaboration

Parallel to CETO, Carnegie’s MoorPower technology, which adapts wave energy for marine industries at fixed mooring locations, has advanced towards a commercial pilot. Funded partly by the Blue Economy CRC, the project has refined energy generation models using real-world data from operational barges in Tasmania. Discussions with potential partners are underway to integrate MoorPower units into active vessels, aiming to reduce diesel reliance in marine operations.

Capital Raising and Corporate Highlights

To support its development pipeline and working capital needs, Carnegie successfully raised $2.116 million through a Share Purchase Plan in September 2025. The funds are earmarked for the 6MW CETO Array development, ACHIEVE Programme activities, and MoorPower pilot projects. The company also received €773,163 (approximately $1.37 million AUD) from Spanish R&D tax deductions, bolstering its financial position.

Carnegie’s engagement with the Australian Department of Defence continues to deepen, highlighted by its selection to pitch at the Advanced Strategic Capabilities Accelerator (ASCA) Pitch Day, where it won the Power and Energy Innovation Award for its wave energy solutions tailored to defence needs.

Going Concern and Outlook

While the company maintains a going concern status supported by cash reserves of nearly $4 million and recent capital injections, it acknowledges material uncertainty due to ongoing losses and cash outflows. The directors emphasize their commitment to the long-term business plan and capital raising track record as key to sustaining operations and advancing commercialisation milestones.