Carnegie Clean Energy has made substantial progress on its ACHIEVE Programme, including module assembly and regulatory approvals for ocean deployment in Spain, supported by a $2.5 million private placement to fund commercial expansion.
- CETO wave energy modules near ocean deployment at BiMEP, Spain
- Spanish regulatory approvals secured unlocking milestone payment
- US TEAMER support awarded for offshore aquaculture tech adaptation
- Loan facility extended to June 2027 to align with project cashflows
- Post-quarter $2.5 million private placement to fund multi-megawatt array
Progress Accelerates on CETO ACHIEVE Deployment
Carnegie Clean Energy (ASX:CCE) has edged closer to deploying its proprietary wave energy converter, CETO, at the Biscay Marine Energy Platform (BiMEP) in Spain. The company reported that assembly of the Power Take-Off (PTO) modules is underway at SKF’s German facility, following completion of the electrical module in the Basque Country. System testing to validate control and communication between modules is imminent, paving the way for ocean deployment planned for October 2026.
Securing regulatory green lights was a critical milestone this quarter. The company obtained formal authorisations from Spanish energy and coastal authorities for seabed occupation and grid connection at BiMEP. These approvals triggered a €64,000 (approximately A$103,000) milestone payment under the EuropeWave Phase 3 contract, affirming progress in the ACHIEVE Programme.
Funding and Financial Position
Financially, Carnegie extended the maturity of its existing $2.5 million loan facility to June 2027, aligning debt obligations with expected project milestone cashflows. More notably, subsequent to quarter-end, the company secured a $2.5 million private placement to new investors. This capital injection is earmarked to support the development of a multi-megawatt CETO array at BiMEP and advance commercial activities across Europe and the US, including technology adaptations for Defence and Aquaculture sectors.
At quarter-end, Carnegie held approximately $1 million in cash reserves. The company anticipates that the recent capital raise, combined with milestone payments and R&D tax incentives, will sustain operations and development activities for the foreseeable future.
Expanding Applications Beyond Wave Energy
Carnegie is also leveraging its wave energy intellectual property to address energy needs in offshore aquaculture and Defence markets. The company was awarded US TEAMER technical support valued at US$194,000 (A$270,000) in collaboration with Kelson Marine Co. to adapt CETO technology for integration into offshore fish pens. This collaboration aims to provide sustainable power solutions for aquaculture, reflecting growing interest in decarbonising marine industries.
Further, Carnegie continues to develop spin-off products like MoorPower, designed to replace diesel generators on moored vessels, reducing carbon emissions and operational risks. Engagements with the Blue Economy Cooperative Research Centre have been pivotal in advancing these technologies, underscoring Carnegie's commitment to the broader blue economy.
Operational Readiness and Risk Mitigation
To mitigate deployment risks, Carnegie’s technical team completed specialised subsea Remotely Operated Vehicle (ROV) training, enhancing capabilities in offshore installation and maintenance. The company is also navigating logistical challenges, with ocean deployment timing contingent on vessel availability, supply chain factors, and weather conditions.
Looking ahead, the planned ocean testing and grid integration at BiMEP will be crucial to validating three years of design work and advancing the commercialisation pathway for CETO technology.
Bottom Line?
Carnegie’s blend of technical progress, regulatory approvals, and fresh capital positions it well to advance CETO’s commercialisation, though deployment timing and market adoption remain key variables to monitor.
Questions in the middle?
- Will the October ocean deployment proceed on schedule given supply chain and weather uncertainties?
- How quickly can Carnegie scale from prototype to multi-megawatt CETO arrays commercially?
- What commercial traction will wave energy adaptations for Defence and aquaculture sectors achieve?