Carnegie Clean Energy Accelerates Ocean Power Push with $3M Share Plan
Carnegie Clean Energy launches a $3 million Share Purchase Plan to fuel commercialisation of its wave and MoorPower technologies, capitalising on growing global momentum in ocean energy.
- Share Purchase Plan aims to raise up to A$3 million at 20% discount
- Funds to support 6MW CETO array project at BiMEP and MoorPower pilot
- CETO technology ranked top globally in EuropeWave Programme
- New partnerships with SKF and Chugachmiut expand supply chain and US presence
- Ocean energy market growth backed by EU and US government funding
Capital Raising to Accelerate Commercialisation
Carnegie Clean Energy has announced a Share Purchase Plan (SPP) targeting up to A$3 million to advance its ocean energy technologies amid a rising global push for renewable alternatives. The offer, priced at a 20% discount to recent trading, invites eligible shareholders to invest between A$1,000 and A$30,000, providing a timely capital injection to support key projects and expand the company’s footprint.
Progress and Partnerships Highlighted
The company’s flagship CETO wave energy technology has gained significant traction, recently securing the top global ranking in the EuropeWave Programme. This recognition has unlocked further European funding through initiatives like the RENMARINAS DEMOS and Ente Vasco de la Energía, underpinning the ACHIEVE Programme’s progress. Carnegie is also strengthening its supply chain with a new partnership with SKF, a global precision manufacturer, to produce critical Power Take-Off units.
Meanwhile, Carnegie is advancing its MoorPower technology towards market readiness, having completed a scaled demonstrator and secured funding for a commercial pilot project in collaboration with Huon Aquaculture. This project aims to refine MoorPower’s design for deployment on an aquaculture feed barge, bridging the gap between demonstration and commercial application.
Expanding Global Reach
Beyond Europe, Carnegie is actively developing projects in the United States, including a Memorandum of Understanding with Chugachmiut to explore wave energy solutions for remote communities in Alaska’s Chugach region. This strategic move taps into the growing US government support for ocean energy, which has allocated over $250 million in 2024 alone to foster innovation and deployment.
The company’s 6MW CETO array project at the Biscay Marine Energy Platform (BiMEP) in Spain is another cornerstone of its growth strategy, leveraging local expertise and supply chains to build a scalable wave energy infrastructure. These initiatives position Carnegie to capitalise on the increasing global demand for renewable energy sources that complement wind and solar.
Market Context and Outlook
Ocean energy is gaining momentum worldwide, with the European Union calling for 5% of new renewable capacity to come from innovative technologies like wave energy by 2030. Cost projections suggest wave energy could fall to around €110 per megawatt-hour, making it increasingly competitive. Carnegie’s technologies are well placed to benefit from these trends, supported by disciplined cash management and a clear commercialisation pathway.
Chairman Anthony Shields emphasised the company’s readiness to meet growing market pull, inviting shareholders to participate in the SPP to help accelerate project development and commercial success. The capital raised will underpin ongoing manufacturing, project deployment, and business development efforts across Europe and the US.
Bottom Line?
Carnegie’s SPP marks a pivotal step in scaling ocean energy solutions amid rising global demand and supportive policy frameworks.
Questions in the middle?
- How quickly can Carnegie transition from demonstration to commercial revenue generation?
- What are the risks and timelines associated with the 6MW CETO array and MoorPower pilot projects?
- How will Carnegie navigate competition and regulatory environments in expanding US and European markets?
