Carnegie Clean Energy (ASX:CCE) Surges 18.4% After Securing $2.5m for Spain CETO Wave Project

Aditi Sarkar

23 July 2026 02:56 PM AEST

Carnegie Clean Energy (ASX:CCE) Surges 18.4% After Securing $2.5m for Spain CETO Wave Project

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Highlights

Carnegie Clean Energy (ASX:CCE) secured $2.5 million to support its CETO wave energy deployment in the Basque Country, Spain.
The funding is structured as a loan carrying a 15% interest rate, with early repayment permitted without penalty; the lender was not disclosed.
Capital is directed at the ACHIEVE Programme, covering procurement and deployment of CETO technology at Spain's Biscay Marine Energy Platform (BiMEP).
CCE shares were quoted 18.4% higher on a TradingView snapshot taken at approximately 12:56pm AEST on 23 July 2026.
Carnegie remains a pre-revenue developer and has previously flagged material uncertainty regarding its going concern status.

Carnegie Clean Energy Limited (ASX:CCE) is an Australian wave energy technology developer behind the CETO wave energy converter, designed to generate electricity from ocean swells. The company recently confirmed it had secured $2.5 million in funding to advance its CETO project in Spain, and shares moved sharply higher around the same period on a labelled intraday snapshot.

The Funding

Carnegie confirmed it secured $2.5 million to progress its wave energy ambitions in Spain. Based on ASX announcement-derived reporting, the funding is a loan carrying a 15% interest rate and allows early repayment without penalty. The identity of the lender was not disclosed in the announcement.

The proceeds are earmarked for the ACHIEVE Programme, Carnegie's initiative to deploy the CETO wave energy converter at the Biscay Marine Energy Platform (BiMEP) in the Basque Country, northern Spain. The capital supports procurement and deployment activities as the project moves toward offshore testing.

Project and Financial Context

The ACHIEVE Programme sits within the broader EuropeWave Pre-Commercial Procurement (PCP) initiative, run collaboratively between Wave Energy Scotland and the Basque Energy Agency. Carnegie's subsidiary, CETO Wave Energy Ireland Limited, was selected as one of three contractors in that process. Publicly disclosed funding streams include EuropeWave PCP contributions, Spain's RENMARINAS DEMOS programme and support from the Basque Energy Agency (EVE).

Carnegie has previously signed a contract worth approximately EUR 600,000 with BiMEP covering installation, operation and decommissioning at the offshore test site, and signed an MOU with BiMEP for the potential development of a 6MW CETO array in the Basque Country. In May 2026, the company received a EuropeWave Phase 3 milestone payment of EUR 63,688 (approximately A$103,000) after completing agreed deliverables, including authorisation to deploy the CETO device at BiMEP.

On the financial side, Carnegie reported a net loss of $1,705,035 for the half-year ended 31 December 2025. The company relies on grants, milestone payments, R&D tax rebates and external funding, and its financial reporting has noted material uncertainty regarding its ability to continue as a going concern.

Share Price Context

On a TradingView snapshot captured at approximately 12:56pm AEST on 23 July 2026, CCE shares were quoted 18.4% higher. This reflects a single point-in-time reading and may not represent the closing price. While the share move followed news of the funding, no reviewed source explicitly attributed the price change solely to the announcement, and other factors may have contributed.

Opportunities

The funding could help Carnegie maintain momentum on the ACHIEVE Programme and progress toward offshore deployment of CETO in Spain. Reaching in-water testing at BiMEP would represent a meaningful technical milestone. The involvement of European programmes and established partners provides some external validation of the technology pathway, and the longer-term MOU for a 6MW array points to potential scale-up ambitions if early stages succeed.

Risks

Carnegie remains an early-stage, pre-revenue company with a history of losses and stated material uncertainty over going concern. The $2.5 million carries a 15% interest rate, adding financing costs and a repayment obligation for a company not yet generating meaningful revenue. Wave energy remains commercially unproven, and offshore deployment carries technical, weather-related and execution risks. Ongoing reliance on grants and external funding means future capital needs, and associated dilution or additional debt, are continuing considerations for investors.

What Investors May Watch

Investors may look for confirmation of the funding's final terms and drawdown, progress on procurement and offshore installation at BiMEP, further EuropeWave milestone payments, and any developments on the potential 6MW CETO array. Updates on the company's cash position and going concern status in future financial reports are also likely to be monitored closely.

FAQs

Q: What did Carnegie Clean Energy announce?

A: The company confirmed it secured $2.5 million to fund its ACHIEVE Programme, which supports deployment of its CETO wave energy technology at Spain's BiMEP test site.

Q: Is the $2.5 million a grant or a loan?

A: Based on ASX-announcement-derived reporting, it is a loan carrying a 15% interest rate with early repayment permitted without penalty. The lender was not disclosed.

Q: Where is the CETO project located?

A: The deployment is planned at the Biscay Marine Energy Platform (BiMEP), an offshore test site in the Basque Country, northern Spain.

Q: How much did CCE shares move on 23 July 2026?

A: CCE shares were quoted 18.4% higher on a TradingView snapshot at approximately 12:56pm AEST. This is a single intraday reading, not necessarily the closing price.

Q: Is Carnegie Clean Energy profitable?

A: No. The company reported a net loss of $1,705,035 for the half-year ended 31 December 2025 and has noted material uncertainty regarding its going concern status.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.