Western Australian-headquartered wave energy developer Carnegie Clean Energy reports its subsidiary Carnegie Technologies Spain (CTS) has received $2.1 million (USD 1.2 million) from the Spanish government.
The funds were granted through Spain’s inaugural competitive call of a program that supports innovative marine renewable energy projects in the country, called the RENMARINAS DEMOS Program, and will in turn support the CTS AGUAMARINA project, which is developing the first CETO unit to be deployed in Europe and advance the technology’s path toward commercialisation.
The funds follow an allocation granted in March 2025, which secured more than $545,000 in funding, also for the delivery and operation of a 400 kW version of its CETO wave power generation system in waters off the coast of Spain.
Named after a Greek sea goddess, CETO is a submerged buoy harnessing energy from ocean waves that sits a few meters below the surface of the ocean and converts wave energy into zero-emission electricity, which can be harness to provide a reliable energy source 24/7.
Receipt of the funds was facilitated by Export Finance Australia (EFA). The EFA recently backed an advanced payment guarantee bond for Carnegie Technologies Spain for the company’s AGUAMARINA Project.
The project aligns with Spain’s strategic Roadmap for the development of offshore wind and marine energy, targeting 40-60 MW of marine energy deployment by 2030.
Image: Carnegie Clean Energy
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