Carnegie Clean Energy Secures Bond Facility Agreement with Export Finance Australia for CETO Wave Energy Deployment in Spain

Carnegie Clean Energy has announced a significant milestone in its ACHIEVE Program with the securing of a bond facility agreement with Export Finance Australia (EFA). This agreement will support the deployment of the company’s CETO wave energy technology at the Biscay Marine Energy Platform (BiMEP) in the Basque Country, Spain.

The agreement with EFA will provide advanced payment guarantee bonds, allowing Carnegie’s subsidiary, Carnegie Technologies Spain, to access grant funding for the ACHIEVE Program even before project completion. This funding is part of the AGUAMARINA and ACHIEVE+ projects, supported by the Spanish Government and the Basque Government’s Ente Vasco de la Energia.

Jonathan Fievez, CEO of Carnegie Clean Energy, expressed excitement about the partnership with Export Finance Australia and the upcoming deployment of CETO wave energy technology in Europe. He highlighted the potential for CETO to demonstrate its electricity generation capacity and operational efficiency in Europe’s growing ocean energy market.

The €2.4 million bond facility structured by EFA will support cash flow during the construction, deployment, and delivery stages of the project. Key terms of the agreement include a 5.0% risk premium fee, a 0.45% bond issuer fee, and no bond cash security requirement at commencement. EFA has also secured general security over Carnegie and its subsidiaries.

In addition to the bond facility, Carnegie has secured a $2.5 million loan from Ballamena Pty Ltd ATF Ellan Finance Unit Trust to address cash flow challenges associated with advanced payment guarantees.

European Expansion and Technology Validation

The ACHIEVE Program marks Carnegie’s first European deployment of its CETO wave energy technology, positioning the company for growth in Europe’s ocean energy market. Carnegie is actively pursuing initiatives to validate and commercialize its technology, including the certification process with Lloyd’s Register for CETO’s wave energy solution.

Furthermore, Carnegie’s subsidiary, CETO Wave Energy Ireland (CWEI), has secured progress payments under the EuropeWave Phase 3 contract. Collaboration with Hewlett Packard Enterprise (HPE) has also been extended, focusing on integrating AI-driven enhancements into CETO’s wave energy technology.

With the support of Export Finance Australia and strategic partnerships, Carnegie Clean Energy is poised to make a significant impact in Europe’s renewable energy sector with its innovative wave energy technology.