Australian Wave Energy Developer Carnegie Clean Energy Receives Milestone Payment for ACHIEVE+ Project

Australia’s wave energy developer Carnegie Clean Energy has received a €317,945 “milestone payment” from the Basque Energy Agency (Ente Vasco de la Energía – EVE) for its ACHIEVE+ wave energy project.

The company’s subsidiary, Carnegie Technologies Spain, secured the payment under EVE’s grants program, which supports the demonstration and validation of emerging marine renewable energy technologies.

According to Carnegie, further €1.8 million remains to be received, contingent on completing the next four project milestones. The ACHIEVE+ project is part of Carnegie’s broader ACHIEVE program, which includes deploying its CETO wave energy technology at the Biscay Marine Energy Platform (BiMEP) in the Basque Country.

Export Finance Australia supported the milestone payment by backing an advanced payment guarantee bond.

Carnegie plans to deploy and operate a CETO prototype at BiMEP in 2025, with a two-year operational period aimed at gathering performance data to validate the technology and support commercialization.

CETO is a fully submerged, point absorber type wave energy technology device. A submerged buoy sits a few meters below the surface and moves with the ocean’s waves. This orbital motion drives a power take-off (PTO) system that converts this motion into electricity.

EuropeWave Phase 3 Contract Secures Milestone Payment for CWEI

In December 2024, Carnegie Clean Energy’s subsidiary, CETO Wave Energy Ireland (CWEI), has secured a milestone payment of €203,437 under the EuropeWave Phase 3 contract.

EuropeWave integrates a Pre-Commercial Procurement (PCP) program with the International Energy Agency’s ‘stage-gate’ process to optimize value for public procurement and accelerate wave energy technology development.

The project, developed in partnership with Wave Energy Scotland (WES) and Ente Vasco de la Energia (EVE), combines nearly €20 million in funding to advance the wave energy sector.