Milestone Payments Highlight Progress but Commercial Risks Remain for Carnegie
Carnegie Clean Energy's subsidiary has secured two milestone payments totaling approximately AUD 520,000, marking significant progress in deploying its wave energy technology at a key European test site.
- Received €290,855 milestone payments under EuropeWave Phase 3
- Payments linked to procurement, operations planning, and buoy deployment
- Deployment of Sofar Ocean wave buoys at Biscay Marine Energy Platform
- ACHIEVE Programme supports CETO technology commercialisation in Europe
- Backed by European and Spanish government funding initiatives
Milestone Payments Signal Progress
Carnegie Clean Energy’s wholly owned subsidiary, CETO Wave Energy Ireland, has received two milestone payments totaling approximately €290,855 (around AUD 520,000) under the EuropeWave Phase 3 contract. These payments reflect the successful completion of key project deliverables, including procurement activities, operations and maintenance planning, and the deployment of wave monitoring technology at the Biscay Marine Energy Platform (BiMEP) in Spain.
Deploying Wave Energy Technology in Europe
The ACHIEVE Programme, under which these milestones were achieved, represents a critical step in Carnegie’s strategy to commercialise its CETO wave energy technology in European waters. The deployment at BiMEP, located in the Basque Country, marks the first European installation of Carnegie’s technology, with the CETO unit scheduled to operate for up to two years. This phase will generate valuable operational data to validate performance and inform future commercial deployments.
Sofar Ocean Wave Buoys Enhance Data Collection
Integral to this progress was the installation of Sofar Ocean wave buoys at the CETO berth. These buoys will provide live wave data throughout the project, enhancing the understanding of site conditions and supporting ongoing operations. The data collected will also benefit other users and projects at BiMEP, reinforcing the site’s role as a hub for marine renewable energy innovation.
Strong Government and EU Support
The ACHIEVE Programme benefits from a blend of European Union funding through the Horizon 2020 initiative, alongside grants from the Spanish Government’s RENMARINAS Demos Programme and the Basque Government’s Ente Vasco de la Energia. This multi-layered support underscores the strategic importance of ocean energy within Europe’s broader decarbonisation and renewable energy goals, aiming to reach 100MW of ocean energy capacity by 2027 and 1GW by 2030.
Looking Ahead
With procurement, manufacturing, and fabrication underway, Carnegie is positioning itself to advance the commercialisation of its wave energy technology. The ACHIEVE Programme’s ongoing data collection and operational insights will be critical in demonstrating the viability and scalability of CETO technology in challenging ocean environments.
Bottom Line?
Carnegie’s milestone payments mark tangible progress, but the path to large-scale commercialisation in Europe remains to be proven.
Questions in the middle?
- How will operational data from BiMEP influence the commercial rollout timeline?
- What are the next financial milestones and their potential impact on Carnegie’s balance sheet?
- Could further government or private funding accelerate expansion beyond the pilot phase?
