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Carnegie Clean Energy Limited (ASX:CCE) has announced a placement of 13.89 million fully paid ordinary shares at AUD $0.18 each, aiming to raise approximately AUD $2.5 million. The capital will fund the development of a multi-megawatt CETO wave energy array at Spain’s BiMEP site, support business development initiatives in Europe and the United States, and advance the MoorPower Commercial Pilot project. Settlement of the placement is scheduled for 28 July 2026.
Key Highlights
- Issuance of 13,888,888 fully paid ordinary shares at AUD $0.18 per share by Carnegie Clean Energy Limited (CCE)
- Placement expected to raise around AUD $2.5 million in cash proceeds
- Shares to be issued on 28 July 2026, utilizing the company’s 15% placement capacity under ASX Listing Rule 7.1
- Funds allocated for CETO array development at BiMEP, business growth in Europe and the US, ACHIEVE Programme deployment, and MoorPower Commercial Pilot progression
- CMC Markets UK trading as CMC CapX appointed as lead manager, earning a 6% commission on funds raised
Expansion of CETO Wave Energy Array at BiMEP, Spain
A significant portion of the raised capital will be directed toward developing a multi-megawatt CETO wave energy array at the Biscay Marine Energy Platform (BiMEP) in Spain. This initiative marks a major expansion of Carnegie Clean Energy’s proprietary wave energy technology beyond its Australian base. The CETO system, refined over several years, is set to demonstrate commercial-scale wave energy generation in European waters with strong wave resources and established renewable infrastructure.
BiMEP offers a dedicated marine energy testing and demonstration environment, enabling Carnegie to validate its technology’s commercial viability in a new jurisdiction with supportive regulatory and grid frameworks. This strategic move aligns with the company’s goal to expand wave energy projects internationally.
Deployment and Operations Under the ACHIEVE Programme
Funds will also support the deployment and operational activities of the CETO technology through the ACHIEVE Programme, which facilitates transitioning from pilot phases to revenue-generating installations. This funding ensures ongoing monitoring, maintenance, and optimization of distributed wave energy systems to maximize performance and reliability.
By investing in operational capabilities, Carnegie Clean Energy aims to solidify its presence in commercial-scale wave energy, leveraging experience gained to inform future expansion.
Advancing the MoorPower Commercial Pilot
The placement proceeds will contribute to progressing the MoorPower Commercial Pilot, a complementary marine renewable energy technology based on mooring systems. Moving toward a commercial pilot stage indicates readiness for scaled real-world testing, a critical step for demonstrating technical feasibility, reliability, and cost competitiveness before full commercialization.
This dual-technology approach diversifies Carnegie’s portfolio, enhancing market reach by addressing different marine energy applications and geographic conditions.
Business Development in Europe and the United States
Capital is also allocated to support business development efforts across Europe and the US, reflecting the global demand for innovative wave energy solutions. These activities include regulatory engagement, partnership building, market analysis, and customer relations to establish a commercial footprint in major renewable energy markets.
Europe’s established marine energy infrastructure and the US’s growing renewable adoption and coastal wave resources make these regions strategic targets for Carnegie Clean Energy’s expansion plans.
Placement Details and Securities Information
The placement comprises 13,888,888 fully paid ordinary shares at AUD $0.18 each, utilizing the company’s 15% placement capacity under ASX Listing Rule 7.1, thus not requiring shareholder approval. The new shares will rank equally with existing ordinary shares and will not be subject to restrictions or escrow, granting investors immediate liquidity.
The shares carry standard voting rights and dividend entitlements, with no current changes to dividend policy announced in relation to this placement.
Lead Manager and Financing Terms
CMC Markets UK, operating as CMC CapX, serves as lead manager and broker for the placement, receiving a 6% commission on the funds raised, approximately AUD $150,000 based on the expected AUD $2.5 million capital raise. Their responsibilities include investor targeting, marketing, documentation, and settlement management.
The placement is not underwritten beyond this arrangement, with the proposed issue date set for 28 July 2026 to finalize marketing and settlement.
Capital Raise Impact and Investor Considerations
The AUD 2.5 million capital raise represents a significant funding milestone for Carnegie Clean Energy, enabling advancement of its wave energy commercialization strategy across multiple geographies and technologies. The placement targets a specific investor group, resulting in limited dilution for existing shareholders due to the use of the 15% placement capacity.
No cornerstone investors have been disclosed, indicating the raise is sourced from the broader investor market. The AUD $0.18 share price will be a key factor for shareholders evaluating the strategic benefits versus dilution.
Regulatory Compliance and ASX Listing Rules
The placement complies with ASX Listing Rules, with no additional approvals required beyond the ASX notification. No related parties participated, ensuring an arm’s length transaction with general investors.
Carnegie Clean Energy will apply for quotation of the new shares via an Appendix 2A lodgement post-settlement. Any secondary sales within 12 months will adhere to Corporations Act provisions through cleansing notices as applicable.
Strategic Outlook and Commercialization Progress
This capital raise reflects Carnegie Clean Energy’s progression from R&D toward operational scaling of wave energy technologies. The diversified funding allocation across BiMEP development, ACHIEVE operations, MoorPower pilot, and international business development highlights a balanced commercial strategy mitigating risk across multiple platforms and markets.
Despite challenges in the wave energy sector, Carnegie’s ability to secure funding underscores investor confidence in its CETO technology and business model. Continued capital deployment will be critical to achieving cost-effectiveness and operational reliability required for commercial success in this emerging renewable energy segment.
