Australian wave power firm Carnegie Clean Energy continues progressing its CETO technology, after business setback recovery.
To remind, Carnegie recapitalised the business and emerged from administration and reinstated to trading on the ASX on 31 October 2019.
Since coming out of administration in October, the Carnegie team has been completing a range of corporate activities associated with the reinstatement of the business, delivering on the CETO technology development and operating its Garden Island Microgrid asset.
The funds raised are supporting the development of the core CETO technology and intellectual property. Carnegie said it has made progress on its machine learning activities, a core stream of its development pathway. Carnegie anticipates providing a status update on the development of the machine learning Wave Predictor in the coming weeks.
Carnegie was awarded 2 weeks of wave tank testing at the Cantabria Coastal and Ocean Basin in Spain, funded through the European funded Marinet2 program which provides transnational access to key infrastructure across Europe in order to support the research, development and testing of offshore renewable energy systems.
This was Carnegie’s third successful application to the Marinet program. Carnegie’s funded tank testing program, expected to take place in approximately April-May, is said to be an important step in the ongoing machine learning activities. The award of this free access allows Carnegie to complete this key task at a significantly reduced cost.
Carnegie also received $865 000 from ARENA as the final payment for the previous CETO 6 project.
Carnegie’s planned recruitment process is ongoing and is bringing additional expertise into the engineering team. A new recruit started in January with expertise in machine learning and control.