Spanish govt backs Carnegie’s wave energy tech with €1.17M

Carnegie Clean Energy’s wholly owned subsidiary, Carnegie Technologies Spain, has received 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.

According to Carnegie, the funding was awarded through Spain’s inaugural RENMARINAS DEMOS program, which backs innovative marine renewable energy projects.

The company’s AGUAMARINA project is part of the ACHIEVE program, deploying CETO technology at the Biscay Marine Energy Platform (BiMEP) in the Basque Country.

The project runs alongside the ACHIEVE project, under contract from the EuropeWave PCP program, and the ACHIEVE+ project, supported by the Basque Energy Agency (Ente Vasco de la Energia). Carnegie’s patented wave energy power generation technology will be showcased through this deployment, the company stated.

Carnegie’s ACHIEVE Program marks the Australian company’s first European deployment of its CETO wave energy technology. This milestone is expected to position Carnegie for growth in Europe’s emerging ocean energy market.

Export Finance Australia (EFA) recently backed an advanced payment guarantee bond for Carnegie Technologies Spain, facilitating the advance. Access to the funds during the project avoids relying solely on reimbursement at the end.

Upon project completion, the RENMARINAS DEMOS program will review the final reporting. If accepted, the advanced payment guarantee bond will be released back to EFA.

RENMARINAS DEMOS is supported by NextGenerationEU funds via Spain’s Plan de Recuperación, Transformación y Resiliencia. Spain aims to deploy 40–60 MW of marine energy capacity by 2030 under its strategic roadmap for offshore wind and marine energy.

At the beginning of the month, Carnegie Clean Energy secured a contract with the BiMEP to install and test its CETO wave energy technology in Spain.

Just recently, the company also rolled out a new online portal designed to centralise investor communications and provide regular updates on its key projects.