Australian firm secures milestone payment under EuropeWave contract

Australian wave energy developer Carnegie Clean Energy has received a €351,471 payment under its EuropeWave contract, following the completion of the system integration review for the ACHIEVE program.

“Thank you to the EuropeWave Project Buyers Group for their continued support!” the company said in a social media post.

The payment marks another milestone for Carnegie’s work on wave energy technology development under the EuropeWave initiative.

The ACHIEVE project is focused on developing Carnegie’s fully submerged CETO wave energy converter (WEC), which captures energy from ocean waves through a tethered buoy system. 

EuropeWave integrates a pre-commercial procurement (PCP) program with the International Energy Agency’s “stage-gate” process to optimize value for public procurement and accelerate wave energy technology development. 

The project, developed in partnership with Wave Energy Scotland (WES) and Ente Vasco de la Energia (EVE), combines nearly €20 million in funding to advance the wave energy sector.

In July, Carnegie Clean Energy received two milestone payments totalling €290,855 under the EuropeWave Phase 3 contract, supporting the company’s ACHIEVE Program and the European deployment of the CETO wave energy technology.