Carnegie Clean Energy's strategic financial move

Carnegie Clean Energy (ASX:CCE) has secured an Export Growth Bond Facility with Export Finance Australia. This facility, totaling €2,497,314.89, will finance the ACHIEVE Programme's CETO deployment at the Biscay Marine Energy Platform in Spain. It allows Carnegie to draw down grant payments from Spanish and Basque governments, aiding financial support during the project's deployment.

Strategic implications and future outlook

Carnegie Clean Energy's bond facility with Export Finance Australia marks a crucial step in the commercialization of its CETO wave energy technology in Europe. The financial arrangement supports the deployment and operation of a CETO prototype at BiMEP in Spain, beginning in 2025. This initiative aligns with Carnegie's ambition to demonstrate CETO's electricity generation capacity and operational efficiency in the European market. The bond facility ensures project cash flow and minimizes financial risks. Future data from this deployment will validate CETO's performance, contributing to its commercial development and supporting the EU's ocean energy targets.

Executive insights on bond facility

We are thrilled to have Export Finance Australia's involvement. This is a vote of confidence in our technology and team,' said Carnegie's CEO, Jonathan Fievez.