Carnegie Clean Energy has partnered with Export Finance Australia (EFA) through a €2.4 million bond facility to support the ACHIEVE Program, enabling the deployment of its CETO wave energy technology at the Biscay Marine Energy Platform (BiMEP) in Spain's Basque Country.
The bond allows Carnegie’s subsidiary in Spain to access grant funding ahead of project completion, enhancing cash flow during critical stages of construction and delivery. CEO Jonathan Fievez highlighted this as a milestone for the company’s first European deployment, showcasing CETO’s potential in Europe’s expanding ocean energy market.
The ACHIEVE Program is part of Spain’s AGUAMARINA and ACHIEVE+ initiatives, backed by national and Basque government funding. Alongside other financing, including a $2.5 million loan, the bond facility positions Carnegie to overcome cash flow challenges and build momentum for future growth.
Carnegie is also advancing its CETO technology with steps toward certification and extended collaboration with Hewlett Packard Enterprise to integrate AI-driven optimizations.
