ASX-listed Carnegie Clean Energy has won Phase2 of the €20m EU-funded EuropeWavePCP Programme

ASX-listed CarnegieCleanEnergy has won Phase2 of the €20m EU-funded EuropeWavePCP Programme. Carnegie’s wholly owned subsidiary, CETO Wave Energy Ireland Limited, has been awarded €600k (A$890k) for Phase 2 to conduct a wave tank testing campaign of its CETO wave energy technology in Spain. This follows the competitive selection and successful performance of CETO in Phase 1 of the programme, previously announced to the ASX on 8 December 2021 Carnegie wins the European Wave Energy Contract.

EuropeWave PCP is an innovative and competitive stage-gate programme designed to advance promising wave energy converter systems to a point from which they can be developed for commercial exploitation through other national/regional programmes and/or private investment. CETO Wave Energy Ireland Limited was selected alongside four other companies, out of the initial seven that delivered Phase 1, to deliver Phase 2 of the programme. Phase 2 includes Front End Engineering Design (FEED), wave tank testing, power take-off component testing, and related certification and commercialization activities. Phase 2 will run from the end of September 2022 to June 2023.

Last year alone global investments in wave energy increased by 50%. Europe is a frontrunner in adopting clean energy to reduce fossil fuels, and ocean energy has the potential to power 10% of Europe’s current electricity needs by 2050 – enough to provide electricity to 94 million households every year. Carnegie’s CEO, Mr Jonathan Fiévez, commented: “EuropeWave is a driving force behind the global adoption of wave energy, aiming to identify, evaluate and fund the most promising wave energy technologies. Being selected to continue into Phase 2 of the programme is a huge endorsement of the applicability of the CETO technology and validates our commercialization pathway.”