Highlights

  • Fabrication of the CETO buoyant actuator was completed in the Basque Country, ahead of transport to Bilbao.
  • First-stage deployment at BiMEP is planned for November 2026, with full grid connection targeted for spring 2027.
  • Carnegie raised A$2.5 million through a July Placement and lifted its Ballamena Loan Facility to A$3.5 million.
  • Cash stood at about A$2.5 million on 30 September 2026, after net operating outflows of A$916,000.

After months of fabrication and fit testing, Carnegie Clean Energy (ASX:CCE) is preparing to put its CETO wave energy converter into the Bay of Biscay, with a first-stage ocean deployment at the Biscay Marine Energy Platform in Spain scheduled for November 2026.

The North Fremantle-based company develops CETO, a fully submerged point-absorber wave energy converter that uses advanced and AI-assisted controls to generate grid-ready electricity. The current demonstrator is an 80 kW rated, scaled unit built under the ACHIEVE programme.

Fabrication Complete and a Two-Stage Path to the Grid

In a deployment update on 29 October 2026, Carnegie confirmed that its buoyant actuator had been built in three road-transportable sections in the Basque Country. Fit tests showed the three power take-off modules and the electrical module can be inserted and removed, a feature designed to allow quick swaps in port. Power take-off assembly continues at SKF, followed by onshore testing.

Stage one involves reassembling the actuator at the Port of Bilbao, towing it to Carnegie's berth and installing it on an initial mooring to validate stability and logistics. Stage two, targeted for spring 2027 after the Basque winter, would integrate subsea power systems and connect the full system to the grid.

The project has run beyond its original schedule, which pointed to an October deployment as recently as June. The company cited first-of-a-kind Manufacturing issues, Supply chain delays and extra time for engineering validation and installation planning.

What the Demonstrator Aims to Prove

Carnegie wants the unit to generate data to test modelled capacity factors of 30% to 50% at comparable wave sites, and a spatial density of 30 MW per square kilometre. It will also evaluate control algorithms developed with Hewlett Packard Enterprise, the system's ability to reposition itself during adverse weather, and maintenance using existing port infrastructure.

Funding Position and Upcoming Milestones

In the September 2026 quarter, Carnegie raised A$2.5 million through a share placement announced in July and drew an additional A$1.0 million after its Ballamena facility rose to A$3.5 million, with Maturity extended to 30 June 2027. Net operating cash outflow was A$916,000, CETO development spending reached A$924,000, and cash ended the quarter at about A$2.5 million.

The ACHIEVE work is backed by the EuropeWave pre-commercial procurement programme, Spanish government funding for the AGUAMARINA project and a Basque government grant for ACHIEVE+. Separately, technical work on a US TEAMER aquaculture project valued at US$194,000 began on 1 November 2026 and is planned to run for nine months.

Management has said further updates will follow in November as the unit moves towards its first-stage deployment, with the grid-connected phase dependent on the planned spring 2027 timetable.

Shares were priced at A$0.155 on 2 November 2026, up 6.9% on the day, giving a Market Capitalisation of A$66.23 million and a 12-month gain of 109.46%.