Carnegie Clean Energy wins $6.3m contract to deploy wave energy converter in Europe
Australian ocean power specialist Carnegie Clean Energy (ASX: CCE) is riding the crest of a wave of positive developments with its wholly-owned subsidiary CETO Wave Energy Ireland (CWEI) landing a major new project in Europe.
The approximately $6.3 million contract has been awarded as part of the EuropeWave Pre-Commercial Procurement (PCP) programme after its technology earned the top ranking.
EuropeWave is a collaboration between Wave Energy Scotland (WES), the Basque Energy Agency (EVE) and Ocean Energy Europe (OEE).
It combines a classic PCP programme with the ‘stage-gate’ process designed to advance promising wave energy converter systems and prove technical and commercial viability for large scale deployment.
Under its Phase 3 EuropeWave contract, CWEI will build and operate a CETO wave energy converter at a European wave energy test site.
The selected projects were judged against the main challenges of levelised cost of energy (LCOE), performance, reliability, availability and survivability.
Number one ranking
Carnegie’s chief executive officer, Jonathan Fiévez, said CETO Wave Energy Ireland has obtained significant recognition for its technology, being ranked number 1 over 30 competing wave energy technologies at the completion of the competitive selection phases.
That ranking allowed CWEI to have the first choice of its deployment site, with the team selecting the open-water facilities of the Biscay Marine Energy Platform (BiMEP) in the Basque Country, Spain.
Scheduled to kick off this month, the project known as ACHIEVE, will run to May 2026, with CETO deployed from 2025.
EuropeWave will provides the majority of funding required to deliver the project, with Carnegie Clean Energy and CWEI choosing to contribute additional funds to support the project.
Funding support a great boost
Mr Fiévez said the funds will enable the team to deliver a scaled version of the commercial design and undertake additional research, testing and de-risking activities to help create long-term commercialisation value for the CETO technology.
“We are extremely proud! Our team delivered an exceptional Phase 2 package of work and a winning Phase 3 bid that was judged the best solution against strict criteria and competing technologies,” he said.
“The EuropeWave process has also delivered several major improvements to our technology. It’s going to be incredibly exciting to see them take shape and perform in the energetic seas of the Basque Country.”
“The EuropeWave programme recognises the vast potential of wave technology and the ambition of Europe to diversify energy sources for stability and security. We share these goals on the path to ensuring wave energy is recognised as an essential part of a just and clean energy future.”
Looking forward to future growth
Carnegie chairman and CETO Wave Energy Ireland director, Terry Stinson, said the companies are already considering the new opportunities the EuropeWave contract win may lead to.
He said growing support for projects of this scale is emerging and will serve to help bridge the Phase 3 deployment into commercial scale projects through stimulation of key energy sector participants and public funding opportunities.
“Many European investors and utilities are motivated to be at the forefront of this new sector and are looking for leading technology companies to support.”
“EuropeWave is providing confidence and independent validation to future wave energy project investors, and we applaud the EuropeWave buyers group for their foresight and support.”
Carnegie’s CETO wave energy technology utilises a submerged buoy located a few metres below the surface of the ocean. The buoy moves with the ocean’s waves and its orbital motion drives a power take-off system that converts this motion into electricity.