Carnegie Technologies secures grant for marine renewable energy project

Carnegie Technologies Spain (CTS), a subsidiary of Carnegie Clean Energy Ltd (ASX: CCE), has received a grant of €1,171,800 from Spain’s first competitive call of the RENMARINAS DEMOS Program. The grant aims to advance marine renewable energy projects in Spain, specifically supporting Carnegie’s AGUAMARINA Project. This initiative is aligned with the previously announced EuropeWave ACHIEVE Project and is expected to further the deployment of CETO technology in Spain.

Grant Fuels Expansion and Enhancement of CETO Technology

The financial support from the RENMARINAS DEMOS Program will contribute to the deployment of CETO at the Biscay Marine Energy Platform (BiMEP). The grant enables Carnegie Technologies Spain to engage with more stakeholders and allows the project to meet improved technical and commercial objectives. Furthermore, this additional funding stream complements the EuropeWave contract for the ACHIEVE Project, bolstering key CETO deployment in Europe.

Benefits of AGUAMARINA Funding

The AGUAMARINA funding will have a range of impacts on the CETO deployment at BiMEP. For instance, while the ACHIEVE Project finances the first year of operations, AGUAMARINA will support a second year. Other enhancements include improved wave prediction capabilities, new infrastructural developments for the test site, and strengthened local collaborations.

Managed by Spain’s IDAE

Spain’s IDAE (Instituto para la Diversificación y Ahorro de la Energía) oversees the RENMARINAS DEMOS Program. Carnegie’s AGUAMARINA Project is receiving €1.2 million in funding toward a total project spend of €1.9 million. The program is in line with Spain’s broader strategy, aiming for 40-60 MW of marine energy deployment by 2030, supported by NextGenerationEU funds.

Carnegie CEO Comments on the Grant

Carnegie’s CEO, Jonathan Fiévez, said, “We’re very grateful for this support from the Spanish government to build upon our EuropeWave ACHIEVE project. It makes sense to enhance this platform and amplify the value being generated. We see the longer operational window and additional collaboration with BiMEP creating additional opportunities to not only improve CETO and de-risk the activities but also to contribute more broadly to the marine energy sector, especially in Spain. What our team is achieving with this technology and the pathway toward commercialisation is now being recognised internationally. This award is yet another validation of what we’re developing and how it can be applied to achieve the target of a clean energy future.”