Carnegie Clean Energy raises over $2M, mainly to support ‘first ever’ CETO deployment in Europe

Carnegie Clean Energy has raised $2.134 million from shareholders that are set to support the delivery of the first CETO deployment in Europe, as well as commercialization.

The funds were raised from the share purchase plan (SPP), that closed on Friday, 21 June 2024.

According to Carnegie Clean Energy, proceeds from the SPP will match Spanish and Basque funding for Europe’s first CETO deployment and support business development and working capital for commercialization.

“We appreciate the positive response from our shareholders in the Share Purchase Plan.  Your investment will help deliver on our mission to harness the power of the ocean to create a cleaner, more sustainable energy future,” said Carnegie CEO, Jonathan Fiévez.

“We are grateful for your continued support and look forward to sharing our progress with the first CETO deployment in Europe, at the BiMEP site in the Basque Country, Spain.”

The issue of securities will occur on June 26, 2024, said Carnegie Clean Energy.

In March 2024, Carnegie Clean Energy’s subsidiary Carnegie Technologies Spain secured a €2.1 million grant from the Basque Energy Agency to support the deployment of its CETO wave energy device at the Biscay Marine Energy Platform (BiMEP) in the Basque Country.

The grant was awarded by Ente Vasco de la Energia (EVE) for Carnegie’s ACHIEVE+ project and complements the contract awarded by the EuropeWave Project (€3.75 million) and Renmarinas Demos funding (€1.2 million) creating a total funding pool of €7.05 million for the deployment of CETO at BiMEP.

Regarding other activities from Carnegie Clean Energy, its subsidiary, CETO Wave Energy Ireland (CWEI), inked an assignment agreement in April 2024, that ensures its access to a berth reservation agreement within BiMEP.

This development is said to mark an important step in CWEI’s journey toward CETO deployment in 2025.