Carnegie Secures Funding for Wave Energy Expansion in EU

Post by : Amit

Australia’s wave energy trailblazer makes strides in European expansion with new funding support from EU Blue Economy initiative

Carnegie Clean Energy, one of Australia’s leading marine renewable energy companies, has taken a decisive step forward in global clean power innovation. The firm recently announced that it has secured pivotal financial backing from the European Commission under the Horizon Europe Framework Programme. This funding will support its ambitious project to advance wave energy deployment across European coastlines — a move that not only strengthens Carnegie's commercial prospects but also boosts Europe’s blue energy ambitions.

Wave power gets strategic European lift

Carnegie’s initiative, titled EuropeWave PEP (Pre-Commercial Procurement) Programme, is part of a larger wave energy advancement effort jointly supported by several European countries. The programme is funded through Horizon Europe, the EU’s flagship research and innovation scheme, and reflects the continent’s growing focus on ocean-based renewables.

The support allows Carnegie to continue developing and demonstrating its proprietary CETO technology — an underwater, fully submerged system that converts ocean wave motion into electricity. Unlike traditional offshore wind or solar technologies, CETO sits beneath the surface, making it more resilient to storm damage and visually unobtrusive.

Carnegie’s selection for Phase 3 of the EuropeWave programme comes after years of technology iteration and international trials. Phase 3 is the pre-commercial phase, involving deployment and demonstration in real ocean conditions. Funding under this phase is expected to significantly accelerate the transition of wave energy technologies from research prototypes to commercially viable infrastructure.

EuropeWave: a commercial testing ground for marine renewables

The EuropeWave programme, co-financed by the governments of Spain, Portugal, and the United Kingdom (prior to Brexit), has become a key platform for demonstrating the scalability and reliability of wave energy systems. Carnegie’s success in making it to the final stages of the initiative reflects both the company’s strong technical track record and the confidence European regulators have in its technology.

As part of the programme, Carnegie will install and operate its latest CETO device at a designated test site off the European coast, where the system’s performance, resilience, and power output will be closely monitored over an extended period. The goal is to demonstrate energy yields that justify broader adoption by utilities and coastal governments.

A strategic win for both Carnegie and the EU

For Carnegie, the successful acquisition of this funding is not merely financial; it is strategic. The backing reinforces its position in the global marine renewables sector, offers a clear pathway to commercialization, and aligns with Europe’s urgent green energy goals. The European Commission has been emphasizing ocean-based solutions in its broader climate strategy, and wave energy — long considered the “sleeping giant” of renewables — is finally receiving the attention and resources it needs.

Carnegie CEO Jonathan Fiévez stated that the EU’s support would enable the company to deliver one of the most significant wave energy demonstrations to date. “This funding validates the long-term vision we've had for CETO and brings us closer to real-world deployment. It’s a turning point not just for Carnegie but for the wave energy sector globally,” Fiévez noted.

Decarbonizing ports and islands: wave energy’s real-world use cases

Europe’s geographical and political makeup offers the perfect testbed for marine renewables. With thousands of kilometres of coastline and numerous remote islands and archipelagos, the region faces unique challenges in energy logistics. Wave energy, if deployed effectively, can reduce diesel dependence on isolated islands, power port operations sustainably, and work in tandem with offshore wind systems to form hybrid clean energy networks.

Carnegie’s CETO system could thus become a backbone technology for decarbonizing island grids, supporting port electrification, and strengthening maritime supply chains. The technology's submerged design also reduces conflicts with shipping lanes and fishing industries, further easing its path to acceptance.

Global ripple effect: positioning for future markets

Carnegie’s successful European deployment could have a ripple effect globally. Countries such as Indonesia, the Philippines, and parts of the Pacific Islands are closely watching European wave energy experiments, and a proven demonstration in Europe could open lucrative opportunities in these regions.

Additionally, the company’s growing partnership network — which includes European engineering firms, energy utilities, and technology consultants — reflects its ambition to position itself not just as a tech provider but as a solutions integrator for marine-based renewables.

Policy meets innovation: a collaborative clean energy future

The Carnegie announcement comes at a time when maritime sustainability is moving higher on Europe’s political agenda. The European Green Deal, which targets net-zero emissions by 2050, has placed heavy emphasis on decarbonizing hard-to-abate sectors, including maritime transport and coastal industries.

Ocean energy, especially wave and tidal systems, is expected to play a critical role in achieving these targets. Yet, these sectors remain underdeveloped compared to solar and wind. The European Commission’s decision to prioritize funding for wave energy firms like Carnegie signals a meaningful shift — one that merges long-term R&D efforts with market-focused deployment.

Carnegie’s CETO deployment under the EuropeWave initiative represents this very confluence of policy, innovation, and climate responsibility.

Commercial scale in sight

With EU backing now secured, Carnegie plans to fast-track final design refinements and begin pre-construction work on the European test site. According to the company, deployments are expected to start within the next 18 months. If successful, this could lead to commercial-scale installations across the EU by the end of the decade.

Moreover, Carnegie’s data from the demonstration will not just feed internal improvements but will be shared with European regulators and academic partners to improve wave energy modelling and marine energy integration strategies.

In conclusion, Carnegie’s latest breakthrough is more than a business development — it’s a bellwether for the future of marine renewables. As governments seek to diversify their energy portfolios and move away from carbon-intensive imports, technologies like CETO offer a dependable, localized, and climate-resilient alternative. The EU’s investment in this vision reflects its determination to lead in next-generation green infrastructure, and Carnegie now stands as a key partner in that mission.

Carnegie, Wave Energy, Marintime