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Company receives 2.1 million euros to deploy wave energy device

Isbel Lazaro, March 16, 2024. Carnegie Technologies Spain, a subsidiary of Carnegie Clean Energy, has been awarded 2.1 million euros in financial support from the Basque Energy Agency to facilitate the implementation of its CETO wave energy technology.

Isbel Lázaro.

Published: March 16, 2024

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Carnegie Technologies Spain, a subsidiary of Carnegie Clean Energy, has been awarded a financial assistance of 2.1 million euros by the Basque Energy Agency to facilitate the implementation of its CETO wave energy device at the Biscay Marine Energy Platform (BiMEP) in the Basque Country.

This economic incentive granted by the Basque Energy Agency (EVE) is in addition to the funds previously allocated by the EuropeWave Project (3.75 million euros) and the Renmarinas Demos program (1.2 million euros), for a total amount of 7.05 million euros for the CETO project in BiMEP.

It is anticipated that this regional financial backing will enhance the planned operations, allocating resources for the local production of CETO floating actuators and improvements in the anchoring system. Additionally, this funding will facilitate the incorporation of the reinforcement learning controller into the CETO project, an innovation achieved through collaboration with Hewlett Packard Enterprise and HPE Spain.

The benefit of the support of the wave energy device

EVE’s support is also expected to encourage the inclusion of more local components in the Basque Country, minimize the technical and financial risks associated with the ACHIEVE CETO project and stimulate the development of commercial projects by increasing investor confidence and expanding the international presence of the aforementioned technology.

Jonathan Fiévez, CEO of Carnegie, expressed his gratitude towards EVE for its contribution to the ACHIEVE+ Project, which accelerates CETO’s technological advancement in BiMEP and underscores the Basque Country’s commitment to renewable energy innovation and local economic growth. “It is an honor to have this financial support that will allow us to advance in the implementation of CETO and contribute to the objectives of the European Union in ocean energy, promoting energy independence and the fulfillment of clean energy goals.“added Fiévez.

Carnegie’s investment reflects Spain’s commitment to offshore renewable energy marine renewable energy The Carnegie investment reflects Spain’s commitment to offshore renewable energy, paving the way toward energy independence and meeting environmental goals.

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