Carnegie Clean Energy has announced an agreement with Export Finance Australia ( EFA ) to secure an Export Growth Bond Facility for CETO technology. This financial instrument will allow Carnegie Technologies Spain to access advance payments of grants for the deployment of its wave energy technology from the ACHIEVE Program in the Basque Country.
The deployment of CETO technology
This financial support reaches a limit of €2.49 million, and has been designed to maintain a stable cash flow during the construction and operation of the CETO prototype at the Bizkaia Marine Energy Platform ( BiMEP ). In addition, this project is supported by the Basque Energy Agency ( EVE ) and the Spanish Government, through the RENMARINAS Demos program .
Carnegie’s wave technology. Source: Carnegie Clean Energy
Australian credit agency, Export Finance Australia , is providing financial guarantees to developers of this project and other emerging technologies. According to Jonathan Fievez, CEO of Carnegie, this support increases confidence in the company’s capabilities to innovate in the marine renewable energy sector and strengthen its position in the competitive European market.
The deployment of CETO at BiMEP will validate the operational efficiency of this technology, and will strengthen the decarbonisation objectives set out in the European Green Deal. For two years, the data obtained on the open seabed will be used to optimise the performance of this technology.
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Source and photos: Carnegie Clean Energy
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