Carnegie Clean Energy’s 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. The funding was granted through Spain’s RENMARINAS DEMOS program, which supports innovative marine renewable energy projects.

Carnegie's CETO wave energy converter

Carnegie's AGUAMARINA project is part of the ACHIEVE program, deploying CETO technology at the Biscay Marine Energy Platform (BiMEP) in Spain’s Basque Country. This project runs in parallel with 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 technology will be demonstrated as part of this deployment.

The ACHIEVE program marks the first European deployment of Carnegie’s CETO wave energy technology. The company expects this milestone to position them for further growth in Europe’s emerging ocean energy sector.

Export Finance Australia (EFA) recently provided an advanced payment guarantee bond for Carnegie Technologies Spain, facilitating access to the funds during the project. This arrangement ensures the company does not have to rely solely on reimbursement after project completion. The RENMARINAS DEMOS program will review the final project reports, and if accepted, the advanced payment guarantee bond will be returned to EFA.

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

Earlier this month, Carnegie Clean Energy secured a contract with BiMEP to install and test its CETO wave energy technology in Spain. Additionally, the company launched a new online portal to centralize investor communications and provide regular updates on key projects.