Carnegie Clean Energy
Carnegie Clean Energy (ASX: CCE) is an Australian wave energy technology developer that builds the submerged CETO point-absorber system and MoorPower product to convert ocean waves into electricity for governments, defence agencies, and aquaculture operators.
- Company typePublic
- Founded2013
- HeadquartersBelmont, Australia
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What Carnegie Clean Energy does
Carnegie Clean Energy is an ASX-listed (ASX: CCE) Australian wave energy technology developer headquartered in North Fremantle, Western Australia, with wholly owned subsidiaries in Ireland, Spain, the United Kingdom, and the United States. The company owns and develops the CETO technology, a fully submerged, point absorber-type wave energy converter that uses an on-board power take-off system driven by the orbital motion of a submerged buoy to convert ocean wave energy into grid-ready electricity. CETO has accumulated over 14,000 hours of operation across the Perth deployment and is differentiated by an artificial-intelligence layer consisting of a reinforcement learning controller (validated to increase energy capture by up to 20%) and a machine learning wave predictor that forecasts waves up to 30 seconds ahead, both developed in collaboration with Hewlett Packard Enterprise and Pawsey Supercomputing Centre.
The company operates two principal product lines: CETO for utility-scale wave energy arrays, with an August 2025 MOU for a 6 MW array (six 1 MW units) at BiMEP in the Basque Country, and MoorPower, a CETO-derived wave energy converter designed for offshore moored vessels, primarily targeting the aquaculture sector through partnerships with Huon Aquaculture and Tassal Group. Carnegie is pre-commercial and generates revenue through multi-year government and EU-funded R&D and deployment programmes, including EuropeWave PCP (€3.75m), RENMARINAS DEMOS / AGUAMARINA (€1.17m), ACHIEVE+ (€2.1m), Horizon Europe's COIN Project (€4m) and MEGA WAVE PTO, the Blue Economy CRC's MoorPower programme (A$3.4m), and contracts with the Australian Department of Defence for the Garden Island Microgrid and ASCA Energy Autonomy at Sea. Customers are concentrated in defence and government energy procurement, the European wave energy ecosystem, and offshore aquaculture operators.
The business model is project-based and grant-funded rather than product-sale-based, with sales cycles that are long and consultative, involving technical validation through tank and in-ocean testing, demonstration deployments at sites such as BiMEP and EMEC, and certification with partners including Lloyd's Register and DNV. Carnegie's intellectual property portfolio covers seven patent families and more than 90 patents and pending applications globally, and the company is positioning to move from demonstration deployments toward commercial wave energy arrays while pursuing MoorPower as a nearer-term commercial pathway into the offshore aquaculture and maritime markets.
Carnegie Clean Energy firmographics
Firmographics- Name
- Carnegie Clean Energy
- Legal name
- Carnegie Clean Energy Limited
- Website
- https://carnegiece.com
- Company type
- Public
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Carnegie Clean Energy (ASX: CCE) is an Australian wave energy technology developer that builds the submerged CETO point-absorber system and MoorPower product to convert ocean waves into electricity for governments, defence agencies, and aquaculture operators.
- Ownership category
- akta.pro rank
Carnegie Clean Energy industry classification
Industry- Product category
- Marine Renewable Energy / Wave Energy Technology
- NAICS
- Electric Power Generation (22111)
- SIC
- Electric, Gas & Sanitary Services (4900)
- akta.pro primary industry
- Wave Energy Converter (WEC) Power Generation (EUACAJAC)
- akta.pro secondary industries
- Marine & Hydrokinetic R&D (Tidal, Wave, River Current, OTEC) (EUAMAOAD), Shore Power & Electrification Systems (Cold Ironing, Charging Interfaces) (IMAJAJAM)
Keywords
Where Carnegie Clean Energy is headquartered
LocationHeadquarters
- HQ city
- Belmont
- HQ country
- Australia
- HQ region
- Oceania
Offices5 records
Markets served
Carnegie Clean Energy business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Technology or R&D, Personnel, Operations, Supply Chain, Marketing or Sales, Infrastructure
Revenue model
- Wave Energy Technology Deployment Contracts: Carnegie earns revenue through government-funded R&D programmes, demonstration project contracts, and commercial deployment agreements. Revenue is generated from grants and contracts such as the EuropeWave PCP Programme (€3.75m), AGUAMARINA (€1.17m), ACHIEVE+ (€2.1m), COIN Project (€4m), and MEGA WAVE PTO. The company is transitioning from demonstration projects to commercial wave energy arrays.
- MoorPower Commercialisation: MoorPower technology targets the aquaculture and offshore vessel market, providing wave-powered electricity as an alternative to diesel generators. Revenue model involves commercial pilot projects followed by full commercial deployment agreements with aquaculture operators.
- CETO Array Development: Development of commercial-scale CETO arrays (e.g., 6MW array in Basque Country) through MOU pathways, progressing along the commercialisation pathway. Revenue will be generated from energy production and grid integration.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Carnegie Clean Energy product offering
Product offeringCore offering
Carnegie Clean Energy owns and develops the CETO wave energy converter, a fully submerged point absorber that captures energy from ocean waves and converts it into grid-ready zero-emission electricity via advanced all-electric power take-off systems enhanced by AI-based reinforcement learning controllers and machine-learning wave prediction. Its MoorPower product extends the same CETO-derived technology to offshore moored vessels such as aquaculture feed barges as a diesel-generator alternative. The company also operates as a contractor for major EU and Australian government R&D and demonstration programmes (EuropeWave PCP, COIN, MEGA WAVE PTO, ACHIEVE, Blue Economy CRC MoorPower Demonstrator, ASCA, ARENA-funded projects).
Product overview
Carnegie Clean Energy is a wave energy technology developer offering a portfolio of products centered on its proprietary CETO technology. The core CETO wave energy converter is a fully submerged point absorber that converts ocean wave energy into electricity, enhanced by AI-powered add-ons including the Reinforcement Learning Controller (for optimization) and Wave Predictor (for predictive analytics). The MoorPower product extends CETO technology for offshore aquaculture and vessel applications. Beyond core products, Carnegie participates in multiple European research initiatives (COIN, MEGA WAVE PTO, WECHULL+) and has deployed commercial demonstration projects including the Garden Island Microgrid and historic CETO 5 project. The company operates globally through subsidiaries in Ireland, Spain, and the US, with its headquarters and research facility in Western Australia.
Differentiator
Problem solved
Functional benefit
Brands
- CETO: Proprietary wave energy technology that captures energy from ocean waves and converts it into electricity. A fully submerged, point absorber type wave energy technology with on-board power generation and multiple moorings and power take-off modules.
- MoorPower
- COIN (Control-Oriented INnovations)
- ACHIEVE Programme
- MEGA WAVE PTO
- WECHULL+
Products and services
- CETO Wave Energy Converter A fully submerged, point absorber type wave energy converter that captures energy from ocean waves and converts it into grid-ready zero-emission electricity. Named after the Greek sea goddess, the system uses an on-board all-electric Power Take-Off driven by orbital buoy motion, with multiple moorings and PTO modules enabling scalable utility-scale arrays. Over 10 years of development and tens of thousands of hours of in-ocean testing. Targeted at utility-scale renewable generation projects, defence microgrids and island power plus desalination applications.
- MoorPower A CETO-derived wave energy converter product specifically designed for offshore moored vessels such as aquaculture feed barges, providing clean electricity as a sustainable alternative to diesel generators, reducing carbon emissions and eliminating refuelling requirements. Targeted at aquaculture operators, offshore maritime operators and remote moored platforms requiring off-grid clean power.
Quantifiable outcome
- Reinforcement learning controller increases CETO energy capture by up to 20%
- +5 more outcomes
Companies that use Carnegie Clean Energy
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Carnegie Clean Energy technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability6 records
Feature7 records
Carnegie Clean Energy partnerships and signals
Strategic signalPartnerships
42 partnerships are on record, tiered core and minor.
- SAITEC Offshore TechnologiescoreConsortium partner in the ACHIEVE Programme (EuropeWave PCP Phase 3), supporting the deployment of CETO at BiMEP in the Basque Country, Spain. SAITEC's DemoSATH offshore wind turbine is deployed at the BiMEP site adjacent to Carnegie's CETO deployment.
- Hewlett Packard EnterprisecoreLong-standing collaboration since 2020, focused on advancing CETO wave energy technology through AI-based reinforcement learning controllers and supercomputing. Extended for two years to November 2026. HPE's research group Hewlett Packard Labs plays a key role. Carnegie's CETO featured prominently at HPE Discover 2024 conference. CEO Jonathan Fiévez presented at HPE Discover 2024 panel of AI leaders.
- Lloyd's Register EMEAcoreNew key partner in ACHIEVE Programme Phase 3, providing technical verification processes and supporting design and best practices for scaled CETO deployment.
- Quoceant LimitedcoreSubcontractor in ACHIEVE Programme, providing mooring connector expertise. Continues in COIN Project using lessons from ACHIEVE to scale up CETO's mooring connectors for commercial deployments.
- Advanced Composite Structures Australia (ACSA)coreSubcontractor in ACHIEVE Programme providing Mooring Tensioner technologies. Partner in MoorPower Scaled Demonstrator project supporting advancements in composite marine structures.
- Technische Universität BraunschweigcoreCoordinator of the €4m COIN (Control-Oriented INnovations for future wave energy farms) Project under Horizon Europe. Leading the development of AI-enhanced wave prediction, digital-twin health monitoring, and novel connector systems for CETO.
- IFP Energies NouvellesminorPart of the nine-organisation COIN consortium, contributing to wave energy farm innovations under the Horizon Europe Programme.
- Mondragon Goi Eskola PoliteknikoaminorPart of the COIN consortium, contributing academic expertise from the Basque Country region to wave energy farm control innovations.
- WavEC Offshore RenewablescorePortugal-based offshore renewables specialist. COIN consortium member and coordinator of the MEGA WAVE PTO Project under Horizon Europe. Both projects contribute to CETO commercialisation pathway.
- Aalborg UniversitetminorPart of the COIN consortium contributing academic research to wave energy farm innovations under Horizon Europe.
- Politecnico di TorinominorItalian university partner in the COIN consortium, contributing research expertise to wave energy control-oriented innovations.
- University of EdinburghcoreTechnical coordinator of the MEGA WAVE PTO Project under Horizon Europe. Developing next generation modular Power Take-Off systems, with CETO serving as a benchmark for design tools and testing.
- Technical University of CreteminorPart of the 12-organisation MEGA WAVE PTO consortium developing next generation PTO systems for wave energy converters.
- RWTH Aachen UniversityminorGerman university partner in MEGA WAVE PTO consortium contributing to PTO system development research.
- Scuola Superiore Sant'AnnaminorItalian university partner in MEGA WAVE PTO consortium focused on advanced PTO system research.
- Cheros SRLminorItalian engineering company partner in MEGA WAVE PTO consortium contributing to PTO development.
- Ocean Energy EuropeminorEuropean ocean energy industry association partner in MEGA WAVE PTO, providing industry perspective and knowledge sharing.
- CGEN EngineeringminorUK-based engineering partner in MEGA WAVE PTO consortium for PTO system development.
- Mocean EnergyminorUK wave energy company partner in MEGA WAVE PTO consortium, providing industry deployment perspective.
- Supply DesignminorUK-based design partner in MEGA WAVE PTO consortium contributing to PTO engineering.
- Sea PotentialminorPartner in MEGA WAVE PTO consortium providing wave energy industry expertise.
- Research Institute of Sweden (RISE)coreCoordinator of WECHULL+ Project focused on developing innovative sustainable concrete materials for wave energy converter hulls. CETO buoy made of concrete rather than steel could be cheaper, easier to manufacture in remote locations, require zero maintenance and last longer than project life.
- Delft University of TechnologyminorDutch university partner in WECHULL+ Project investigating sustainable concrete materials for WEC hulls.
- Ocean Harvesting TechnologiesminorSwedish wave energy company partner in WECHULL+ Project contributing to concrete hull material development.
- Gdansk University of TechnologyminorPolish university partner in WECHULL+ Project for sustainable concrete material research.
- SolarDuckminorDutch offshore energy company partner in WECHULL+ Project contributing concrete hull research.
- Plataforma Oceánica de Canarias (PLOCAN)minorSpanish ocean platform operator partner in WECHULL+ Project providing testing infrastructure perspective.
- PekebexminorPolish concrete/precast partner in WECHULL+ Project contributing to sustainable concrete material development.
- HutchinsonminorSubcontractor in ACHIEVE Programme Phase 3 supporting CETO deployment at BiMEP.
- VGAminorSubcontractor in ACHIEVE Programme Phase 3 supporting CETO deployment at BiMEP.
- Julia F. Chozas Consulting EngineerminorSubcontractor in ACHIEVE Programme Phase 3 providing engineering consulting for CETO deployment.
- Blue Economy Cooperative Research Centre (CRC)coreAustralian Government CRC Programme grant supporting MoorPower Scaled Demonstrator and Commercial Pilot design. The CRC brings together 44 industry, government, and research partners from ten countries with expertise in aquaculture, marine renewable energy, maritime engineering, and environmental assessments.
- Huon AquaculturecoreOne of Australia's largest aquaculture companies and commercial partner in MoorPower Scaled Demonstrator, providing real-world operational requirements for offshore feeding barges. Collaborating on MoorPower Commercial Pilot preliminary design.
- Tassal GroupcoreMajor Australian aquaculture company and commercial partner in MoorPower Scaled Demonstrator project. Providing aquaculture operational data and requirements to tailor MoorPower for industry energy needs.
- DNV GL AustraliaminorTechnical verification and risk management partner in MoorPower Scaled Demonstrator project.
- University of TasmaniaminorAcademic partner in MoorPower Scaled Demonstrator and Commercial Pilot design, contributing research expertise.
- University of QueenslandminorAcademic partner in MoorPower Scaled Demonstrator contributing research expertise.
- AMC SearchminorPartner in MoorPower Scaled Demonstrator providing technical expertise.
- Climate KIC / Australian Ocean Energy GroupminorPartner in MoorPower Scaled Demonstrator contributing climate innovation and ocean energy expertise.
- SKFcoreEngineering partner conducting power take-off (PTO) assembly and back-to-back PTO testing at SKF facilities in Germany, ahead of CETO integration and deployment at BiMEP.
- Kelson MarinecoreUS-based specialist in dynamic ocean structures, collaborating with Carnegie under the US TEAMER programme on a project titled 'Development of a Finfish Array with Distributed WEC Power Integration'. Kelson Marine receives approximately $193,783 USD ($270k AUD) in funding to conduct high-level research and numerical modelling. Project expands MoorPower addressable market to direct integration with fish pens.
- Western PowercoreWestern Australian grid operator providing grid and network expertise for the Garden Island Microgrid project, including approval to operate from Western Power.
Scale indicators12 records
Recent moves10 records
Expansion highlights6 records
Carnegie Clean Energy competitors and assessment
Company assessmentDirect peers
- Ocean Energy: Ireland-based developer of the OE35 floating wave energy converter. Closest direct peer to Carnegie in geography (Ireland), technology category (point absorber style WEC), and grant funding profile (EU Horizon programmes).
- CorPower Ocean: Sweden-based wave energy developer of a point absorber WEC with a similar PTO architecture to CETO. Direct technology peer targeting utility-scale wave energy commercialisation, with comparable EU grant funding.
- Mocean Energy: UK-based wave energy developer designing WECs for offshore applications including oil and gas, aquaculture, and remote islands. Direct peer to CETO/MoorPower, and an actual consortium partner with Carnegie in the MEGA WAVE PTO project.
- Eco Wave Power: Sweden-listed (and Israeli-headquartered) wave energy developer with a near-shore floating WEC architecture. Publicly listed peer to Carnegie with comparable pre-commercial commercialisation profile.
- SINN Power: Germany-based wave energy developer with a modular floating WEC design targeting utility and island microgrid applications. Direct technology peer in the European WEC ecosystem.
- Bombora Wave Power: Australia/UK-based submerged pressure differential WEC developer with a similar fully-submerged architecture philosophy to CETO. Direct regional peer sharing the Australian wave energy ecosystem.
- Wello: Finland-based developer of the Penguin wave energy converter, a rotating mass WEC. Direct peer operating in northern European wave regimes with similar utility-scale commercialisation ambitions.
- AWS Ocean Energy: UK-based developer of the Archimedes Waveswing, a submerged WEC technology. Direct technology peer to CETO within the UK and EU wave energy R&D ecosystem.
- Ocean Harvesting Technologies: Sweden-based wave energy developer working on a point absorber design. Direct WEC peer and an actual project partner with Carnegie in the WECHULL+ sustainable hull materials project.
Emerging players
- Wave Swell Energy: Australian oscillating water column WEC developer with a fundamentally different architecture but pursuing the same Australian wave energy market. Regional emerging peer with complementary rather than directly competing technology.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Carnegie Clean Energy social profiles
Digital presenceCarnegie Clean Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Carnegie Clean Energy leadership team
Management profileNumber of profiles
Profiles4 records
Carnegie Clean Energy subsidiaries and ownership
Company hierarchySubsidiaries3 records
Carnegie Clean Energy funding detail
Funding detailFunding overview
Funding rounds4 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Carnegie Clean Energy M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Carnegie Clean Energy
What does Carnegie Clean Energy do?
Carnegie Clean Energy owns and develops the CETO wave energy converter, a fully submerged point absorber that captures energy from ocean waves and converts it into grid-ready zero-emission electricity via advanced all-electric power take-off systems enhanced by AI-based reinforcement learning controllers and machine-learning wave prediction. Its MoorPower product extends the same CETO-derived technology to offshore moored vessels such as aquaculture feed barges as a diesel-generator alternative. The company also operates as a contractor for major EU and Australian government R&D and demonstration programmes (EuropeWave PCP, COIN, MEGA WAVE PTO, ACHIEVE, Blue Economy CRC MoorPower Demonstrator, ASCA, ARENA-funded projects).
Is Carnegie Clean Energy a public or private company?
Carnegie Clean Energy is a public company. It is classified as public and is currently operating.
When was Carnegie Clean Energy founded?
Carnegie Clean Energy was founded in 2013. It employs 11 to 50 people.
Where is Carnegie Clean Energy based?
Carnegie Clean Energy is headquartered in Belmont, Australia, in the Oceania region.
How does Carnegie Clean Energy make money?
Three revenue lines are on record. Wave Energy Technology Deployment Contracts are the primary driver. The others are moorPower Commercialisation and CETO Array Development.
Who are Carnegie Clean Energy's main competitors?
Direct peers on record are Ocean Energy, CorPower Ocean, Mocean Energy, Eco Wave Power, SINN Power, Bombora Wave Power, Wello, AWS Ocean Energy and Ocean Harvesting Technologies. Wave Swell Energy is listed as an emerging player.
Does Carnegie Clean Energy have an API?
No public API is recorded for Carnegie Clean Energy.
What industry is Carnegie Clean Energy in?
Carnegie Clean Energy's product category is Marine Renewable Energy / Wave Energy Technology. Its primary akta.pro industry code is EUACAJAC, Wave Energy Converter (WEC) Power Generation, with a secondary code of EUAMAOAD, Marine & Hydrokinetic R&D (Tidal, Wave, River Current, OTEC). Its NAICS code is 22111 and its SIC code is 4900.