Carnegie Raises $2.116M to Develop 6 MW CETO Array and MoorPower Pilot
Carnegie Clean Energy has successfully raised $2.116 million through a Share Purchase Plan, fueling key wave energy projects and global business development efforts.
- Raised $2.116 million via Share Purchase Plan
- Funds allocated to 6 MW CETO Array development in Europe
- Support for ACHIEVE Programme and MoorPower commercial pilot
- Business development focus across Europe, US, and Australia
- Capital to cover working capital and operating costs
Capital Raise to Accelerate Wave Energy Technologies
Carnegie Clean Energy (ASX, CCE) has announced the successful completion of a Share Purchase Plan (SPP), raising $2.116 million from its shareholders. This capital injection is set to advance the company’s ambitious wave energy projects and support its broader commercialisation strategy. The SPP closed on 8 September 2025, with the issue of over 37 million new securities scheduled for 11 September.
Targeted Investment in Key Projects
The funds raised will primarily be directed towards the development of Carnegie’s 6 MW CETO Array, a multi-megawatt wave energy installation planned for deployment in Europe. The Biscay Marine Energy Platform (BiMEP) is identified as a potential host site under a recent memorandum of understanding, marking a significant step in the company’s European footprint.
In addition, the capital will support the ACHIEVE Programme, which involves operating a grid-connected CETO unit at BiMEP, and the MoorPower commercial pilot project. The latter aims to deliver the first MoorPower system on a commercial aquaculture feed barge, showcasing the versatility of Carnegie’s wave energy technologies beyond traditional power generation.
Expanding Global Business Development
Beyond project-specific funding, Carnegie plans to use part of the proceeds to bolster business development activities across Europe, the United States, and Australia. This strategic focus underscores the company’s intent to build a robust project pipeline and expand its global presence in the renewable energy sector.
Chairman Anthony Shields expressed gratitude to shareholders for their confidence, emphasizing the importance of this capital raise in driving commercialisation efforts and scaling operations. The funds will also support general working capital and cover the costs associated with the offer, ensuring operational continuity as Carnegie advances its technology deployment.
Positioning for a Sustainable Energy Future
Carnegie Clean Energy’s technologies harness ocean wave energy through its proprietary CETO and MoorPower systems, leveraging advances in artificial intelligence and electric machines to optimise electricity generation. With a history of pioneering developments in ocean energy, the company is positioning itself at the forefront of sustainable energy innovation.
As the company moves forward with these projects, the successful capital raise marks a pivotal moment in its journey to commercialise wave energy solutions on a global scale.
Bottom Line?
This $2.1 million boost sets the stage for Carnegie’s next wave of innovation and market expansion.
Questions in the middle?
- What are the expected timelines for the 6 MW CETO Array deployment at BiMEP?
- How will the MoorPower commercial pilot impact Carnegie’s revenue model?
- What further capital requirements might Carnegie face as projects progress?
