Carnegie Clean Energy Receives Advance Payment for CETO Wave Energy Project in Spain
Carnegie Clean Energy’s subsidiary, Carnegie Technologies Spain, has secured an advance payment of €1,171,800 from the Spanish government to support the construction of the first CETO wave energy technology unit in Europe.
The funding was granted through Spain’s RENMARINAS DEMOS program, which focuses on marine renewable energy projects. Carnegie’s AGUAMARINA project, part of the ACHIEVE program, will deploy CETO technology at the Biscay Marine Energy Platform (BiMEP) in the Basque Country.
This initiative, supported by the EuropeWave PCP program and Basque Energy Agency, aims to showcase Carnegie’s patented wave energy power generation technology in Europe, marking the company’s first deployment in the region.
Export Finance Australia (EFA) provided an advanced payment guarantee bond to facilitate the project’s progress, enabling Carnegie to access funds during the project’s execution rather than waiting for reimbursement at the end.
Upon completion, the RENMARINAS DEMOS program will review the final report, and if approved, the advanced payment guarantee bond will be released back to EFA. The program, funded by NextGenerationEU funds, aligns with Spain’s strategic roadmap for offshore wind and marine energy, targeting 40–60 MW of marine energy capacity by 2030.
Positioning for Growth in Europe
Carnegie’s entry into the European market with the ACHIEVE Program signifies a significant milestone for the Australian company, positioning it for further expansion in Europe’s emerging ocean energy sector.
Recently, Carnegie secured a contract with BiMEP to install and test its CETO wave energy technology in Spain. The company’s commitment to innovation and sustainability is evident in its efforts to advance renewable energy solutions.
Enhanced Investor Communications
In addition to project developments, Carnegie Clean Energy has launched a new online portal to streamline investor communications and provide regular updates on key projects. This initiative aims to enhance transparency and engagement with stakeholders, showcasing the company’s dedication to accountability and progress.