Shareholders inject nearly €1.2M into Carnegie’s wave energy ambitions

September 11, 2025, by Zerina Maksumić

Australian wave energy developer Carnegie Clean Energy has raised AUD 2.116 million (almost €1.2 million) from its share purchase plan (SPP), which closed on September 8, 2025.

Carnegie's CETO wave energy converter (Illustration, source: Lloyd's Register)

According to Carnegie, the funds will be used to advance several initiatives supporting the commercialization of its CETO and MoorPower wave energy technologies. Proceeds will support the development of a 6 MW CETO array in Europe, with Biscay Marine Energy Platform (BiMEP) identified as a potential host site under a recent memorandum of understanding (MoU).

MoU signed for 6 MW wave energy array in Spain

Outlook & Strategy

The financing will also be allocated towards the ACHIEVE program, which involves the operation of the grid-connected CETO unit at BiMEP, as well as the design and delivery of the first MoorPower system on a commercial aquaculture feed barge.

Carnegie noted that part of the capital will be applied to business development in Europe, the U.S., and Australia, as well as working capital and costs associated with the offer.

“We appreciate the support from our shareholders who have participated in the 2025 SPP. Your investment is a vote of confidence in our technologies and recognition of our significant commercialisation opportunities. This capital will be vital as we build our project pipeline and global presence. We look forward to continuing this journey with you,” Carnegie Chairman Anthony Shields said.

The issue of 37,138,648 new securities is scheduled for September 11, 2025.

Carnegie develops wave energy technologies through its wholly owned subsidiaries Carnegie Technologies Spain and CETO Wave Energy Ireland. It owns the CETO and MoorPower platforms, which convert wave energy into electricity, with operations supported by AI-based control and electric machine innovations.

Just recently, Carnegie Clean Energy was named the key technology partner in the COIN (Control-Oriented Innovations for future wave energy farms) project, funded under the Horizon Europe Program with a total budget of €4 million. The project is set to start soon.