Carnegie secures more funding for Spain wave energy project

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Western Australia-headquartered Carnegie Clean Energy said its subsidiary, Carnegie Technologies Spain, has received a $546,134 (EUR 317,945) “milestone payment” from the government-backed Basque Energy Agency (Ente Vasco de la Energía – EVE) for its Achieve wave energy project.

The project, part of Carnegie’s broader Achieve program, includes deploying an approximately 400 kW version of its CETO wave energy converter at the Biscay Marine Energy Platform (BiMEP) in the Basque Country.

Named after the Greek sea goddess, Carnegie’s CETO systems work by converting ocean wave energy into electricity. Submerged, buoy-like devices are tied to the seabed and produce oscillating motion with the movement of the waves, driving a generator.

Fremantle-based Carnegie plans to deploy and operate a CETO prototype at BiMEP later his year with a two-year operational period aimed at gathering performance data to validate the technology and support commercialisation.

Carnegie is also progressing other initiatives to validate and commercialise its technology, including contracting international maritime classification society Lloyd’s Register to begin certification for CETO.

Carnegie said the latest payment is associated with the commencement of work on the Achieve project. According to the company a further $3.09 million remains to be received, contingent on completing the next four project milestones.

The payment comes after federal government agency Export Finance Australia recently backed an advanced payment guarantee bond for Carnegie to support its Basque project.

Spain wants to deploy 40 MW to 60 MW of ocean energy – wave and tidal – by 2030.

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