Highlights

  • Carnegie Clean Energy Ltd (ASX:CCE) reported FY26 revenue and other income of A$608,635, up 50.1%.
  • The net loss after tax was A$2,765,868, with cash of A$996,347 at 30 June 2026.
  • An A$2.5 million placement at A$0.18 per share was announced in July, and a loan facility was lifted to A$3.5 million in August.
  • The first ocean deployment stage of the CETO unit at BiMEP in Spain's Basque Country is planned for October 2026.

Carnegie Clean Energy Ltd develops CETO, a fully submerged wave energy technology, and MoorPower, a system designed to reduce diesel use for moored marine operations. The company also operates the Garden Island Microgrid in Western Australia. Its FY26 report and recent announcements cover funding, project updates and preparations to deploy a prototype wave unit.

Company Business

Carnegie Clean Energy Ltd (ASX:CCE) is based in North Fremantle, Western Australia, with subsidiaries in Spain, Ireland and the United States. Its main development asset is CETO, a wave energy converter that sits below the surface, is sheltered from breaking waves and is intended for utility-scale, remote, offshore and defence applications.

Revenue is currently generated by the Garden Island Microgrid, where electricity is sold to the Department of Defence under a power supply agreement. MoorPower is a second product line, with an A$335,000 project funded through the Blue Economy Cooperative Research Centre to prepare a commercial-scale preliminary design aimed at aquaculture feed barges.

Recent Development

In late June 2026, Carnegie Clean Energy Ltd (ASX:CCE) reported that assembly of its CETO power take-off modules was under way in Germany ahead of ocean deployment at the Biscay Marine Energy Platform, known as BiMEP, in the Basque Country. The ACHIEVE programme unit has three power take-off modules, and the first deployment stage was planned for October 2026, followed by commissioning, testing and optimisation.

Funding activity followed. In July 2026 the company announced an A$2.5 million placement to overseas investors, issuing 13,888,888 shares at A$0.18. Proceeds are directed to the BiMEP CETO array, business development in Europe and the United States, ACHIEVE deployment, a MoorPower commercial pilot and working capital. A loan from Ballamena Pty Ltd, which carries interest of 15% a year, was extended to 30 June 2027 in July and increased by A$1 million to A$3.5 million in August.

In early September 2026, the company noted the opening of the PacWave South grid-connected test facility off Oregon, identifying it as a possible future site for commercial-scale units, though no agreement was announced. It also has a memorandum of understanding with Chugachmiut in Alaska on wave resource surveys.

Financial Performance and Sector Context

For the year ended 30 June 2026, Carnegie Clean Energy Ltd (ASX:CCE) recorded revenue and other income of A$608,635, up 50.1% on the prior year. Sales revenue from the Garden Island Microgrid was A$453,774, compared with A$317,363. The net loss after tax was A$2,765,868, or 0.69 cents per share, compared with a loss of A$2,327,734.

Net cash used in operating activities was A$3,087,083. Payments for development of assets were A$4,901,826, against related receipts of A$4,577,744. Cash at 30 June 2026 was A$996,347. Net assets were A$18,848,533, of which A$18,877,098 is the capitalised CETO technology asset. No dividend was declared.

Project funding is largely public. The ACHIEVE programme draws on EuropeWave funding of EUR 3.75 million, Spanish Government funding of EUR 1.2 million and Basque Government funding of EUR 2.1 million, while the EU-funded COIN project, valued at EUR 4 million, targets a 30% reduction in the cost of energy for commercial wave arrays. Carnegie has described a staged path from the ACHIEVE prototype to commercial-scale units at sites such as BiMEP, EMEC or PacWave.

Risks to Consider

The FY26 financial report discloses a material uncertainty about Carnegie Clean Energy Ltd (ASX:CCE) continuing as a going concern, noting that the group will need revenue or other sources such as equity raisings, loan extensions and grant funding. At 30 June 2026 the group had a net current liability position of A$2,460,693. Deployment timing depends on fabrication, assembly and offshore conditions. The Garden Island Microgrid has faced operational and equipment issues limiting output.

What to Watch Next

The first ocean deployment stage at BiMEP, previously targeted for October 2026, is the most immediate milestone, followed by commissioning and testing. Other items include the September quarter cash flow report, grant receipts, progress on a proposed 6 MW CETO array at BiMEP, the MoorPower commercial pilot, and the loan, which matures on 30 June 2027.

Key Insights

Carnegie Clean Energy Ltd (ASX:CCE) grew revenue in FY26 while reporting a net loss and year-end cash of A$996,347, with funding from a placement, a larger loan, grants and tax incentives. The CETO deployment at BiMEP is the central technical step. Going concern disclosures, grant and capital availability, and offshore delivery schedules remain the primary factors against which later reports can be read.