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Carnegie Clean Energy raises millions of dollars for CETO deployment

The grant from the Basque Energy Agency complements other funds, totaling 7.05 million euros for the deployment of the device.

Ruth Arteaga.

Published: June 26, 2024

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Carnegie Clean Energy has secured $2.134 million from its shareholders, funds that will go toward the first deployment of the CETO wave energy device in Europe and its commercialization. The proceeds were raised through its share purchase plan (SPP), which was completed on June 21.

These revenues obtained through the SPP will match the funding from Spain and the Basque Country, facilitating the initial deployment of CETO in Europe. In addition, they will strengthen the business development and working capital necessary for the commercialization of the technology.

Carnegie Clean Energy welcomes support for technology deployment in Europe

Carnegie CEO Jonathan Fiévez expressed his gratitude for the support received from shareholders, noting that this investment will contribute to the company’s mission of harnessing ocean energy for a cleaner, more sustainable future. He thanked for the continued support and noted the importance of CETO’s first deployment at the BiMEP site in the Basque Country, Spain.

The issuance of Carnegie Clean securities will take place today. In March of this same year, Carnegie’s Spanish subsidiary, Carnegie Technologies España, received a 2.1 million euro grant from Carnegie Technologies Spain 2.1 million grant from the Basque Energy Agency to support the deployment of the CETO wave energy device at the Biscay Marine Energy Platform (BiMEP).

Key advances in CETO technology

This grant, awarded by the Ente Vasco de la Energia (EVE) for Carnegie’s ACHIEVE+ project, complements the contract awarded by the EuropeWave Project (3.75 million euros) and the Renmarinas Demos funding (1.2 million euros), totaling 7.05 million euros for the deployment of CETO in BiMEP.

Separately, Carnegie’s subsidiary, CETO Wave Energy Ireland (CWEI), signed an assignment agreement in April 2024 that grants it access to a berth reservation agreement at BiMEP, marking significant progress toward CETO’s 2025 deployment.