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Carnegie Clean Energy Limited (ASX:CCE) has successfully raised $2.5 million through a share placement priced at 18 cents per share, attracting commitments from new international and local sophisticated investors. The funds will support the development of a multi-megawatt CETO wave energy array at Spain's Basque Marine Energy Platform (BiMEP), advance European and US business development, and facilitate deployment activities under the ACHIEVE Programme. This capital raise highlights strong investor confidence in Carnegie's ocean energy technology commercialisation as the company approaches a pivotal stage of technology validation.
Key Points
- Carnegie Clean Energy Limited (ASX:CCE) secured firm commitments for a $2.5 million share placement at $0.18 per share
- The placement includes 13,888,888 fully paid ordinary shares with settlement expected on 27 July 2026 and issuance on 28 July 2026
- Proceeds will fund CETO array development at BiMEP, business development in Europe and the US, and ACHIEVE Programme deployment activities
- CMC Markets UK (trading as CMC CapX) acted as Sole Lead Manager, earning a 6% fee on the funds raised
- The placement price reflects a 10% discount to the last traded share price and a 16.2% discount to the 5-day volume weighted average price
Capital Raise Draws International Investment as Carnegie Expands in Europe
Carnegie Clean Energy has obtained $2.5 million in firm commitments from a blend of new overseas and existing local sophisticated investors, underscoring strong support for the company’s wave energy technology strategy. The company issued 13,888,888 ordinary shares at $0.18 each under its placement capacity as per ASX Listing Rule 7.1, eliminating the need for shareholder approval. This pricing provided new investors with attractive entry points while preserving valuation discipline through meaningful discounts to recent trading prices.
The investor base includes new participants from the UK and Europe, signaling increased global interest in Carnegie’s CETO wave energy platform and its commercialisation pathway. The CEO highlighted that this placement demonstrates confidence in the company’s technology and commercialisation approach as it moves into a critical technology development phase. The involvement of European investors also strengthens Carnegie’s strategic position as it broadens its footprint in European markets ahead of key deployment milestones.
Deployment of CETO Technology at Basque Marine Energy Platform Advances Commercialisation
Carnegie Clean Energy’s ocean wave energy converter, the CETO unit, is set for deployment and operation at BiMEP in Spain’s Basque Country as a central element of the ACHIEVE Programme. This deployment marks a vital validation step in the commercialisation of Carnegie’s proprietary wave energy technology. Operating in an open ocean environment, the CETO unit will generate operational data essential for validating real-world performance and guiding further commercial development.
The ACHIEVE Programme is a collaborative effort delivered via Carnegie’s subsidiaries CETO Wave Energy Ireland and Carnegie Technologies Spain, supported by multiple layers of Spanish government funding. It integrates the EuropeWave Buyers Group contract, Spanish Government backing through the RENMARINAS Demos Programme (AGUAMARINA Project), and a grant from the Basque Government via the Ente Vasco de la Energia (ACHIEVE+ Project). These government partnerships highlight the deployment’s strategic importance and the recognition of wave energy as a key infrastructure priority within the EU’s decarbonisation goals.
Capital Also Supports MoorPower and Defence Sector Applications
In addition to funding the CETO array development at BiMEP, the $2.5 million capital injection will advance Carnegie’s MoorPower Commercial Pilot programme and investigations into remote power applications for Defence and Data Centre sectors. MoorPower, Carnegie’s second ocean energy platform, captures wave energy through a complementary design, broadening the company’s commercial addressable market. Funding this pilot phase underscores Carnegie’s commitment to diversifying its technology portfolio beyond a single product.
The Defence and Data Centre applications target emerging commercial verticals by providing remote power solutions where traditional grids are unavailable or impractical. These sectors represent significant demand from military and critical digital infrastructure operators. Carnegie’s investment in these spin-off product explorations reflects management’s confidence in the market potential and strategic value of expanding beyond utility-scale wave energy generation.
Business Development Efforts Expand Carnegie’s Global Market Presence
Proceeds from the placement will also fund Carnegie’s business development activities across Europe and the US, aligning with the company’s strategic shift toward international markets. Headquartered in North Fremantle, Western Australia, Carnegie is increasingly focused on commercialising its technology through global deployments and partnerships. The capital allocation to European business development is particularly relevant given the ACHIEVE Programme’s location in Spain and the interest from UK and European investors in the placement.
Allocation for US business development indicates Carnegie’s pursuit of growth opportunities in American markets for its wave energy technologies and related products. This geographic diversification supports global decarbonisation initiatives and leverages increasing regulatory support for renewable ocean energy in developed economies. These strategic investments position Carnegie to capture multiple revenue streams and reduce reliance on any single market.
Placement Structure Enables Swift Capital Deployment
The share placement is scheduled to settle on 27 July 2026, with the formal issue of 13,888,888 ordinary shares on 28 July 2026. All placement shares will rank equally with existing ordinary shares as of the issue date, ensuring no preferential treatment or shareholder dilution. The prompt settlement and issuance timeline reflects the efficiency of the process and investor commitment to support Carnegie’s near-term capital needs.
CMC Markets UK, trading as CMC CapX, served as Sole Lead Manager and Bookrunner, earning a 6% fee on the total funds raised. The engagement of a UK-based lead manager further underscores the international investor focus and Carnegie’s strategic positioning within European capital markets.
Share Pricing Strategy Reflects Market Conditions and Investor Demand
The placement price of $0.18 per share represents a 10% discount to the last traded price at announcement and a 16.2% discount to the 5-day volume weighted average price, along with a 7.6% discount to the 30-day volume weighted average price. These discounts align with institutional placement norms, balancing incentives for new investors with minimising dilution for existing shareholders by reflecting recent trading activity.
The discount levels indicate strong market receptivity to the capital raise, with sufficient demand to fully fund the $2.5 million target. Achieving firm commitments at this pricing, especially from sophisticated overseas investors, demonstrates confidence in Carnegie’s technology development and the strategic value of deploying CETO technology in Spain.
Advanced Control Systems Enhance Efficiency of CETO and MoorPower Technologies
Carnegie Clean Energy’s proprietary CETO and MoorPower platforms harness ocean wave energy and convert it to electricity using advanced mechanical and electrical systems. The company integrates artificial intelligence and electric machine technology to optimise wave energy converter control and maximise electrical output efficiency. This technological edge positions Carnegie as a leader in global wave energy development, where design and operational control are key to commercial viability.
With a long operational history and world-leading technology developments, Carnegie’s commercialisation efforts are grounded in proven expertise. The incorporation of AI and advanced electrical systems represents an evolution in engineering practice, reflecting recent technological advances integrated into its product platforms. This continuous innovation supports Carnegie’s competitive positioning as the wave energy sector matures.
EuropeWave Programme and EU Ocean Energy Targets Provide Strategic Framework
Carnegie’s ACHIEVE Programme deployment is part of the EuropeWave Pre-Commercial Procurement (PCP) initiative (2022-2027), which combines over 2.5 million in national, regional, and EU funding to accelerate wave energy technology development. EuropeWave is a collaboration among Wave Energy Scotland, the Basque Energy Agency (EVE), and Ocean Energy Europe, co-funded by the EU’s Horizon 2020 Research and Innovation Programme. This multi-stakeholder funding approach highlights wave energy’s strategic role in European decarbonisation.
The EuropeWave Programme aligns with the EU’s Green Deal goals, targeting 100MW of ocean energy capacity by 2027 and at least 1GW by 2030. Carnegie’s involvement and support from Spanish agencies through RENMARINAS Demos and the Basque Government via EVE position the company as a key contributor to these objectives. The programme’s focus on cost-effective, durable wave energy converters directly supports the core value proposition of CETO technology.
Spanish Government and Next Generation EU Framework Underpin ACHIEVE Funding
The ACHIEVE Programme benefits from Spanish Government funding via the RENMARINAS Demos Programme, established by Spain’s Ministry for Ecological Transition and the Demographic Challenge to support pilot projects, test platforms, and marine renewable infrastructure. This programme operates within the EU-funded Recovery, Transformation and Resilience Plan (Next Generation EU), providing non-refundable grants managed by IDAE (Institute for Diversification and Energy Saving). This funding structure ensures strong Spanish government commitment to marine renewable energy development aligned with broader EU recovery goals.
The Basque Government’s grant to the ACHIEVE+ Project through the Ente Vasco de la Energia (EVE) demonstrates regional dedication to advancing ocean energy technology. EVE promotes energy efficiency, renewable energy expansion, sustainable policy, and innovation. Their involvement signals robust political and institutional support for Carnegie’s wave energy deployment in the Basque region.
Investor Considerations and Upcoming Milestones
Investors should monitor the placement settlement and issuance dates (27-28 July 2026) and watch for updates on CETO deployment and operational progress at BiMEP. Announcements regarding construction, commissioning, and performance of the multi-megawatt CETO array will be key indicators of commercialisation progress and technology validation in an open ocean environment.
Additionally, tracking European and US business development outcomes will be important to gauge Carnegie’s ability to secure further deployment contracts and expand its commercial pipeline beyond ACHIEVE. Updates on the MoorPower Commercial Pilot and Defence and Data Centre product investigations will provide insight into revenue diversification efforts. Any news on new investors, partnerships, or additional funding will also reflect ongoing market confidence in Carnegie’s technology and commercialisation strategy.
