Carnegie Clean Energy's steady progress in wave energy projects

Carnegie Clean Energy Limited (ASX: $CCE) has reported steady progress in its wave energy portfolio for the quarter ended 31 March 2024. The company achieved significant milestones with the successful deployment and operation of the MoorPower demonstrator, gathering over 2000 hours of operational data. Additionally, Carnegie Technologies Spain, a subsidiary of Carnegie Clean Energy, secured €2.1m ($3.5m AUD) in funding from the Basque Government's Energy Agency to advance the deployment of CETO technology through the ACHIEVE Programme.

Executive commentary on quarter highlights

Carnegie's CEO, Mr Jonathan Fiévez, expressed satisfaction with the progress made during the quarter. He highlighted the success of the MoorPower project, emphasizing the technology's potential to provide clean, reliable power to offshore industries and reduce reliance on fossil fuels for offshore aquaculture operations. Mr Fiévez also acknowledged the substantial funding award from the Basque Energy Agency, showcasing international support for the deployment of CETO technology and its contribution to the EU's clean energy targets.

Summary of quarterly achievements and outlook

Carnegie Clean Energy's achievements in the quarter demonstrate significant progress in its wave energy projects. The successful deployment of the MoorPower demonstrator and the substantial funding secured for the CETO ACHIEVE Programme highlight the company's commitment to advancing clean energy innovation. With ongoing testing and advancements, Carnegie is well-positioned to contribute to the global energy transition and capitalize on the value that wave energy can provide. The company's ambitions and goals align with the EU's renewable energy targets, showcasing its dedication to clean energy solutions and economic development.