Highlights

  • Carnegie Clean Energy received a EuropeWave milestone payment of €63,688.
  • The payment followed approval of two ACHIEVE Programme deliverables.
  • Key approvals were secured for deployment of the CETO device at the BiMEP site in Spain.
  • Carnegie also completed control software for upcoming back-to-back PTO testing.
  • The ACHIEVE Programme represents the first deployment of CETO technology in Europe.
  • The project forms part of Carnegie’s broader commercialisation strategy for wave energy technology.

Carnegie Clean Energy Ltd (ASX:CCE) announced progress within its ACHIEVE Programme after its Wholly Owned Subsidiary, CETO Wave Energy Ireland, received a EuropeWave milestone payment of €63,688, equivalent to approximately A$103,000. The payment followed the successful completion and approval of two project deliverables linked to the planned deployment of Carnegie’s CETO wave energy technology at the Biscay Marine Energy Platform (BiMEP) site in Spain.

Carnegie Clean Energy shares were trading flat at AUD 0.059 during the afternoon session on 15 May 2026, although the stock remains up 47.5% over the past year as investors continue monitoring the company’s progress toward commercial deployment of its ocean energy technologies.

The latest milestone forms part of the EuropeWave Phase 3 contract supporting the ACHIEVE Programme, which is intended to deliver the first European deployment of Carnegie’s CETO technology. According to the company, the project represents an important step in validating the performance of its wave energy system within an operational offshore environment.

Carnegie Clean Energy is an Australian technology developer focused on ocean-based renewable energy systems. The company owns and develops the CETO and MoorPower technologies, which are designed to capture wave energy and convert it into electricity using advanced control systems, artificial intelligence and electric machine technologies.

Regulatory Approvals Mark Important Stage for Deployment

One of the key achievements outlined in the update relates to regulatory authorisations required for deployment of the CETO unit at the BiMEP site.

Carnegie stated that the milestone payment was triggered following approval of two deliverables under the EuropeWave contract. The first involved obtaining authorisation for deployment of the CETO device from the relevant Spanish National Energy and Coastal Authorities.

According to the company, deployment of any wave energy prototype at BiMEP requires notifications and approvals involving both coastal and energy authorities due to seabed occupation and grid connection requirements.

The company explained that while the BiMEP site already holds broader authorisation from the Spanish Government for testing activities, individual prototype installations still require additional approvals from the competent authorities overseeing energy and coastal affairs.

Carnegie noted that receiving these approvals represents an important regulatory stage gate for the ACHIEVE Programme and supports the pathway toward future offshore deployment activities.

The second approved deliverable related to completion of control software for the company’s upcoming back-to-back Power Take-Off (PTO) testing activities.

Management indicated that the ACHIEVE team worked closely alongside BiMEP during the approval process to satisfy the relevant regulatory requirements ahead of deployment.

ACHIEVE Programme Represents Key Commercialisation Step

The ACHIEVE Programme remains central to Carnegie’s strategy of advancing the commercial readiness of its CETO technology.

Under the initiative, Carnegie plans to deploy and operate a CETO prototype at the Basque Marine Energy Platform in the Basque Country region of Spain. The open-ocean deployment is expected to provide operational data used to assess system performance and support further development activities.

The company said the information gathered from the deployment will assist in validating the capability of the CETO technology under real-world marine operating conditions.

Management views the project as an important stage in progressing the technology along its broader commercialisation pathway.

The ACHIEVE Programme is being delivered through multiple Carnegie subsidiaries and funding partnerships. CETO Wave Energy Ireland is participating under contract through the EuropeWave Buyers Group, while Carnegie Technologies Spain is also involved through support from Spanish and Basque Government funding initiatives.

These include funding awarded through Spain’s RENMARINAS Demos Programme and additional support from the Basque Government through the Ente Vasco de la Energia grant framework.

EuropeWave Initiative Continues Supporting Ocean Energy Development

EuropeWave itself is a multi-year Research and Development initiative running from 2022 through 2026 and focused on advancing wave energy technologies.

The programme combines more than €22.5 million in European, regional and national funding aimed at supporting the development and demonstration of cost-effective wave energy systems capable of operating in challenging ocean environments.

According to Carnegie, the EuropeWave framework is based on a Pre-Commercial Procurement model originally pioneered through the Wave Energy Scotland programme. The structure is intended to encourage collaboration, shared development risk and technology advancement between public sector organisations and technology developers.

The programme is jointly supported by Wave Energy Scotland, the Basque Energy Agency and Ocean Energy Europe, alongside co-funding from the European Union’s Horizon 2020 Research and Innovation Programme.

EuropeWave forms part of broader European clean energy objectives targeting 100 megawatts of ocean energy capacity by 2027 and at least one gigawatt by 2030.

Carnegie Continues Focusing on Ocean Energy Technologies

Carnegie Clean Energy has maintained a long-term focus on the development of ocean-based renewable energy systems.

Its flagship CETO technology captures energy generated by ocean waves and converts it into electricity through submerged buoy systems and associated energy conversion infrastructure.

The company’s MoorPower technology is also designed to utilise mooring systems attached to floating offshore platforms to generate renewable electricity from ocean motion.

Carnegie has stated that it integrates artificial intelligence and advanced control systems into its technologies to optimise energy generation efficiency.

The company believes ocean energy systems may contribute to future renewable energy Supply Diversification as countries continue pursuing lower-emission energy solutions.

Funding Support Highlights International Collaboration

The ACHIEVE Programme also reflects the increasing involvement of international funding bodies and public sector organisations in marine renewable energy projects.

Spain’s RENMARINAS DEMOS Programme was established through the Ministry for Ecological Transition and the Demographic Challenge to support pilot projects, testing infrastructure and marine renewable technology development.

The initiative forms part of broader European Union-funded recovery and resilience programs linked to energy transition objectives.

Meanwhile, the Basque Government’s energy agency, Ente Vasco de la Energia, has provided additional support aimed at assisting the demonstration and validation of emerging marine renewable energy technologies.

Carnegie stated that these collaborative funding arrangements continue to support the progression of the ACHIEVE Programme and associated deployment activities.

Investors Continue Monitoring Commercial Progress

Although Carnegie Clean Energy shares traded flat during Friday’s session, the latest update appears to reinforce the company’s ongoing progress toward operational deployment of its wave energy technology in Europe.

The successful completion of milestone requirements and receipt of the EuropeWave payment indicate continued advancement across regulatory, technical and project development activities tied to the ACHIEVE Programme.

With deployment preparation activities continuing at the BiMEP site, investor attention is likely to remain focused on future testing milestones, operational deployment updates and broader commercialisation progress for Carnegie’s CETO technology.