Carnegie Secures €287k EU Grant to Boost Wave Energy Tech

EU-Backed Wave Energy Innovation

Carnegie Clean Energy’s wholly owned subsidiary, Carnegie Technologies Spain, has taken a major step forward in the development of wave energy technology by securing a €287,344 pre-financing payment. This upfront funding represents 75% of the company’s expected share of the €4 million COIN Project, fully financed by the European Commission through its Horizon Europe Programme.

The COIN Project is a collaborative effort involving nine leading European organisations, coordinated by Technische Universität Braunschweig in Germany. Its mission is to pioneer control-oriented innovations that will enhance the reliability, survivability, and sustainability of future wave energy farms; an essential stride toward making ocean energy a more viable and cost-effective renewable resource.

Leveraging CETO as a Testbed

Central to the project is Carnegie’s CETO technology, chosen as the reference wave energy converter. Known for its fully submerged design and advanced power take-off system, CETO provides an ideal platform to test and validate the COIN Project’s innovations under real marine conditions. These innovations include a novel connector system, an AI-enhanced wave prediction model, and a digital twin framework for health monitoring and control.

By integrating these cutting-edge technologies, the project aims to reduce the levelised cost of energy (LCOE) from wave power by 30%, a significant improvement that could accelerate commercial adoption and competitiveness against other renewable sources.

No Cash Outlay, Strategic Gains

Importantly, Carnegie’s involvement in the COIN Project requires no cash contribution, as all partners receive full funding from the European Commission. Carnegie Technologies Spain is set to receive a total of €383,000 for its contributions, ensuring the company benefits financially while advancing its technology roadmap.

The project’s outcomes are expected to feed directly into the design and commercialisation pathway of Carnegie’s CETO units, potentially enhancing their market appeal and operational performance without additional capital expenditure.

A Collaborative Future for Ocean Energy

The consortium’s recent kick-off meeting in Germany marked the official start of this ambitious collaboration. With Carnegie’s Chief Technology Officer actively involved, the project underscores the company’s commitment to innovation and leadership in the wave energy sector. As the global push for sustainable energy intensifies, initiatives like COIN highlight the strategic importance of international partnerships and advanced technology integration in overcoming the challenges of ocean energy deployment.