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Carnegie Clean Energy's Irish subsidiary, CETO Wave Energy, has received two milestone payments from the EuropeWave funding program, advancing the commercialization of its wave energy technology. These funds were awarded after achieving specific manufacturing targets for the CETO system, including key components like the buoy, mooring connections, and foundation structures, which are essential for generating CO2-free electricity from ocean waves.

Carnegie has utilized over half of the budget from Phase 3 contracts in the ACHIEVE program, which supports the initial deployment of the technology in European waters. The project is scheduled to run until May 2026, with preparations for deployment at the Biscay Marine Energy Platform in Spain progressing well following the 2025 initiation of the deployment phase. Final system integration and additional technical approvals are pending before the project's conclusion.