Carnegie Clean Energy's EuropeWave Milestone: A Step Forward in Wave Energy
CARNEGIE CLEAN ENERGY LIMITED (CCE) Share Update December 2024 Friday 20th
Carnegie Clean Energy Receives Key Milestone Payment for Wave Energy Project
Carnegie Clean Energy Limited (ASX: CCE) has announced a significant milestone in its ACHIEVE Programme with the receipt of a milestone payment from the EuropeWave project. This development marks a crucial step in the advancement of wave energy technology in Europe.
Instant Summary:
- Carnegie's subsidiary CETO Wave Energy Ireland received €203,437 for EuropeWave Phase 3.
- Payment acknowledges successful completion of CETO design reports.
- ACHIEVE Programme aims for 2025 deployment at the Biscay Marine Energy Platform.
- EuropeWave PCP is a €22.5m initiative for wave energy R&D.
- Carnegie's CETO technology to operate for 2 years in open ocean.
Milestone Payment Details
Carnegie Clean Energy Limited has announced that its subsidiary, CETO Wave Energy Ireland, has received a milestone payment of €203,437 (approximately $338,046 AUD) under the EuropeWave Phase 3 Contract. This payment was made in recognition of the successful completion of CETO design reports, which were reviewed and accepted by the EuropeWave Buyers Group.
The design activities were carried out by the CETO engineering team in collaboration with key contractors and suppliers for the ACHIEVE Programme. The accepted design reports provide detailed specifications for key components of the CETO wave energy converter, including the power take-off unit, control system, electrical system, mooring, and foundation.
ACHIEVE Programme and EuropeWave PCP
The ACHIEVE Programme is an initiative led by Carnegie's subsidiaries, CETO Wave Energy Ireland and Carnegie Technologies Spain, supported by funding from the Spanish and Basque governments. The programme aims to deploy and operate a CETO prototype at the Biscay Marine Energy Platform in Spain, starting in 2025. This deployment is a critical step in the commercialisation pathway for CETO technology.
The EuropeWave Pre-Commercial Procurement (PCP) programme is an innovative R&D initiative for wave energy technology, running from 2022 to 2026. It is a collaborative effort funded by national, regional, and EU sources, including the EU's Horizon 2020 programme. The programme focuses on designing, developing, and demonstrating cost-effective wave energy converter systems that can withstand harsh ocean environments.
Carnegie's Role in Ocean Energy
Carnegie Clean Energy is a leader in ocean energy technology, developing systems like CETO and MoorPower to capture energy from ocean waves and convert it into electricity. With a global presence, Carnegie leverages the latest advances in artificial intelligence and electric machines to optimize its technologies for efficient electricity generation.
The milestone payment and progress in the ACHIEVE Programme are positive indicators for Carnegie Clean Energy, reflecting successful project development and collaboration with European partners. This advancement may bolster investor confidence and stimulate interest in Carnegie's stock, as the company moves closer to commercialising its wave energy technology.
Investor Reaction:
Analysts are likely to view this milestone as a positive development for Carnegie Clean Energy, given the strategic importance of the EuropeWave project and its alignment with broader renewable energy goals. The successful completion of design reports and receipt of milestone payments demonstrate the company's capability to advance its technology towards commercial deployment.
Conclusion:
As Carnegie Clean Energy continues to progress its ACHIEVE Programme and EuropeWave project, investors should keep an eye on future developments and potential impacts on the company's market position. The successful deployment and operation of the CETO prototype will be crucial in validating the technology and unlocking new opportunities in the renewable energy sector.