Carnegie Raises $2.5 Million to Scale CETO Wave Energy in Europe and US
Carnegie Clean Energy has secured $2.5 million through a share placement, attracting new overseas investors to fund expansion of its CETO wave energy technology at BiMEP in Spain and commercial activities in Europe and the US.
- Placement raises $2.5 million at 18 cents per share
- Funds target multi-megawatt CETO array development at BiMEP
- New UK and European investors join register
- Proceeds support ACHIEVE Programme deployment and MoorPower pilot
- Placement priced at discounts to recent trading averages
Capital Injection Backs CETO Expansion in Basque Country
Carnegie Clean Energy (ASX:CCE) has successfully raised approximately $2.5 million via a placement priced at 18 cents per share, marking a significant boost to its ocean energy ambitions. The capital raising attracted strong interest from new overseas sophisticated investors, particularly from the UK and Europe, signalling growing confidence in Carnegie’s proprietary CETO wave energy technology.
The funds will primarily accelerate the development of a multi-megawatt CETO array at the Biscay Marine Energy Platform (BiMEP) off the coast of Bilbao, Spain. This project is a critical milestone in Carnegie’s commercialisation pathway, supported by the ACHIEVE Programme, which facilitates deployment and operational validation of CETO technology in open ocean conditions.
Strategic Focus on European and US Market Growth
CEO Jonathan Fievez emphasised the strategic importance of expanding Carnegie’s presence in Europe ahead of the imminent delivery of the CETO unit at BiMEP later this year. The placement proceeds will also underpin business development activities across Europe and the United States, reflecting a dual-continent growth strategy.
Beyond the flagship BiMEP project, funds will support the MoorPower Commercial Pilot, which targets remote power solutions for aquaculture, and further development of spin-off products aimed at Defence and data centre applications. These initiatives highlight Carnegie’s diversification within marine renewable energy and adjacent sectors.
Placement Terms and Market Pricing
The 13.9 million new shares issued under the placement represent a 10% discount to the last traded price and a 16.2% discount to the five-day volume weighted average price, a typical pricing approach to incentivise investors. The shares will rank equally with existing stock and are issued under the company’s placement capacity, requiring no shareholder approval.
Settlement is scheduled for 27 July 2026, with the shares expected to be issued the following day. CMC Markets UK acted as sole lead manager and bookrunner, earning a 6% fee on the funds raised.
Leveraging European Funding and Regional Support
Carnegie’s European expansion is closely intertwined with initiatives like the ACHIEVE Programme, funded by the Spanish and Basque governments, alongside the European Union’s Horizon 2020 framework. These collaborations provide grant support and validation opportunities, reinforcing the company’s technology readiness and market entry.
The BiMEP deployment will generate critical performance data to validate CETO’s commercial viability, complementing Carnegie’s broader efforts to reduce ocean energy costs and scale its wave energy solutions. This builds on prior EU-funded projects and tax credit monetisations that have underpinned Carnegie’s R&D activities in the region.
Bottom Line?
Carnegie’s latest capital raise strengthens its foothold in European marine energy markets, but execution of BiMEP and commercial pilots will be key to translating funding into commercial momentum.
Questions in the middle?
- How will the entry of new UK and European investors influence Carnegie’s strategic direction?
- What operational milestones are expected from the BiMEP CETO array deployment later this year?
- How might the discounts on placement pricing affect share performance post-issue?
