Carnegie Wave Energy Limited is the ASX-listed inventor, owner and developer of the patented CETO wave energy technology that converts ocean swell into zero-emission renewable power and desalinated freshwater. Carnegie has raised over $80m to fund the development of the CETO technology and employs unique rapid prototyping utilising computational simulation, wave tank testing, scaled in-ocean testing at its private Wave Energy Research Facility and onshore/offshore test site and commercial scale in-ocean testing at Garden Island, Western Australia.
CETO is designed to be the simplest and most robust wave technology globally and, after 10 years of continuous development, testing and refinement, is currently being demonstrated at commercial scale off HMAS Stirling, Australia’s largest navy base, at Garden Island in Western Australia. CETO is the only ocean-tested wave energy technology globally that is both fully submerged and generates power and or desalinated water onshore. The CETO technology has been independently verified by EDF – Energies Nouvelles (EDF EN) and the French naval contractor DCNS.
Carnegie has developed strong relationships with credible partners to assist the development and commercialisation of its CETO technology. These include:
- Australian Federal Government - $13.1m grant for the Perth Wave Energy Project at Garden Island.
- Western Australian Government - $10m grant for the Perth Wave Energy Project at Garden Island.
- Western Federal Government - $1.27m grant for the Desalination Pilot, co-located with the Perth Wave Energy Project at Garden Island.
- Australian Department of Defence & Defence Support Group - Power supply and grid connection agreements for Perth Wave Energy Project. Licence for tenure over onshore site at Garden Island.
- EDF EN - first CETO Power technology licensee and JV partner
- Sustainable Energy Authority of Ireland - Collaboration agreement & concept funding for a 5MW Irish CETO power project.
- UK Natural Environmental Research Council - partial funding of environmental research project with the Scottish Association for Marine Science.
- MARINET - funding for testing and validation at University of Edinburgh's state of the art All-Waters Combined Current and Wave Test Facility
Carnegie's strategy is to make money for its shareholders by commercialising its CETO Wave Energy Technology.
Carnegie is the global owner and technology developer of the CETO Wave Energy Technology intellectual property.
Due to its 100% ownership and control of the CETO technology, Carnegie is able to commercialise the CETO technology through a flexible combination of Build Own Operate (BOO) projects, Joint Venture (JV) projects, Original Equipment Manufacturer (OEM), Technology Licensing Agreements and Operations and Maintenance (O&M) contracts. For example Carnegie has a Joint Venture & Licence Agreement with EDF Energies Nouvelles.
Carnegie's executive team and directors have considerable international experience in technology commercialisation, renewable energy and offshore engineering, providing a strong platform for future growth.
Carnegie is the largest employer in the Australian wave energy industry. Carnegie’s management, engineering and technical teams, have considerable experience in the development and commercialisation of technology across a range of research and development, technical, power utility and commercial-based industries.
Carnegie has developed a world-class competency in advancing new technological concepts, developing and testing them, initially virtually, through advanced computational analysis systems, and then via real in-sea prototyping to validate the predicted performance. Through its work at its private onshore/offshore Fremantle Wave Energy Research Facility and its Garden Island site south of Perth, Western Australia, Carnegie has demonstrated the benefits of accelerated design development techniques and has built a core team of business, engineering and scientific personnel to direct and manage the development and commercialisation of CETO.
Carnegie's unique innovation competencies include:
- idea generation and assessment;
- intellectual property management;
- design and engineering;
- computational analysis and simulation;
- prototype manufacturing and testing; and
- project management, construction and operation.