Carnegie Clean Energy Secures €1.5M for Pioneering CETO Wave Deployment in Europe

Strategic Contract and Funding Milestones

Carnegie Clean Energy (ASX: CCE) has marked significant progress in its ocean wave energy ambitions during the March 2025 quarter. Central to this advancement was the signing of a €600,000 contract with the Biscay Marine Energy Platform (BiMEP) in Spain, formalizing the deployment and testing of its CETO wave energy technology in European waters. This contract not only secures essential offshore and onshore infrastructure but also cements collaboration on environmental and wave data sharing, critical for the project's success.

Complementing this contract, Carnegie received milestone payments from European and Basque government programs totaling approximately €1.5 million. These funds, including a €1.2 million advanced payment from the RENMARINAS DEMOS Programme and a €318,000 milestone payment from the Basque Energy Agency (EVE), underpin the ACHIEVE Programme's next phases and reflect strong institutional support for ocean energy innovation.

Technical Validation and Operational Readiness

On the technical front, Carnegie successfully completed electrical and control systems testing for the CETO unit at the Sustainable Energy Ireland (SEI) facilities in the Basque Country. This milestone validates the system's design integrity and operational readiness ahead of its planned open ocean deployment at BiMEP, where it will operate for up to two years. The rigorous testing regime enhances confidence in CETO's ability to withstand the demanding marine environment while delivering consistent, zero-emission electricity.

Further manufacturing and subsystem testing continue across Europe, with core components arriving at assembly sites in preparation for integration. The company anticipates site access at BiMEP following scheduled infrastructure upgrades by the platform, expected by late summer 2025.

Expanding Presence and Investor Engagement

To support its European operations and foster closer ties with regional stakeholders, Carnegie established a new office in Bilbao, Basque Country. This strategic move facilitates on-the-ground project management and strengthens collaboration with local partners and government agencies.

Recognizing the importance of transparent communication, Carnegie also launched a new Investor Hub. This dedicated platform offers shareholders streamlined access to company updates, announcements, and multimedia content, including a quarterly video summary from CEO Jonathan Fiévez. The initiative aims to deepen investor engagement as Carnegie progresses along its commercialisation pathway.

MoorPower Commercialisation Efforts

Beyond CETO, Carnegie continues to advance its MoorPower technology, targeting offshore aquaculture applications. Following the successful completion of a scaled demonstrator project, the company is actively engaging with industry partners to secure its first commercial contract. MoorPower offers a sustainable alternative to diesel generators for moored vessels, aligning with broader decarbonisation trends in marine industries.

Financial Position and Outlook

Financially, Carnegie closed the quarter with $2.617 million in cash reserves, excluding payments received post-quarter end, including a €1.17 million advanced payment from the RENMARINAS DEMOS Programme. The company also maintains a $2.5 million loan facility with Ballamena Ltd, providing additional liquidity as it navigates the capital-intensive deployment phase.

With strong backing from European and Spanish government grants, and support from Export Finance Australia facilitating payment guarantees, Carnegie is well-positioned to execute its deployment plans and validate its wave energy technologies on a commercial scale.