Australian Wave Energy Developer Carnegie Clean Energy Receives Milestone Payments for EuropeWave Phase 3 Contract

Australian wave energy developer Carnegie Clean Energy has received two milestone payments totalling €290,855 under the EuropeWave Phase 3 contract, supporting the company’s ACHIEVE Program and the first European deployment of its CETO wave energy technology.

The payments, made to Carnegie’s wholly owned subsidiary CETO Wave Energy Ireland (CWEI), were said to be unlocked following the completion of project deliverables tied to procurement activities, operations, and maintenance (O&M) planning, and the installation of wave measurement equipment.

According to Carnegie, one milestone was linked to procurement and O&M planning, while the other followed the deployment of Sofar Ocean wave buoys at the CETO berth at the Biscay Marine Energy Platform (BiMEP) in the Basque Country.

The buoys are set to deliver real-time data throughout the ACHIEVE Program and support future project development at the site.

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.

Just recently, Carnegie Clean Energy signed a memorandum of understanding (MOU) with the Biscay Marine Energy Platform (BiMEP) and commenced the development of a 6 MW wave energy array in Spain’s Basque Country.

Earlier in July, Carnegie appointed German investment firm DGWA as its advisor for European financial markets and investor relations.

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