Carnegie Clean Energy (ASX:CCE) is seeking to raise $3 million as part of a share purchase plan to advance development of the 6-megawatt CETO Project at the Biscay Marine Energy Platform (BiMEP) in Spain.
The SPP will open on 15 August, before an expected close on 8 September 2025.
Shares will be issued at $0.057 per share, which represents a 20% discount to the five-day volume weighted average price (VWAP) with capacity for oversubscriptions.
Eligible holders were offered the opportunity to apply for up to $30,000 worth of shares at this same issue price earlier this week (11 August), delegating 526,316 shares.
Funds will also be allocated to covering business development activities in Europe and the US, while also the deployment and operational costs of CETO through the ACHIEVE Program and accelerating the MoorPower Commercial Pilot to deliver commercial aquaculture feed barge.
As reported by Mining.com.au, the array will have six CETO units, each with a scale of one megawatt connected to the grid via BiMEP’s offshore cable and grid connection.
CEO Jonathan Fievez says the company is on a “rewarding” path with the upcoming deployment of CETO at BiMEP.
“The positivity was also felt on recent roadshows in the US and Europe where an alternative clean energy source to wind and solar that is underwater, hidden from view, would be very well received,” Fievez says.
Chairman Anthony Shields says the company has made “significant” technological and commercial progress recently at a time of energy security being a global focus.
“The addressable market for Carnegie is growing, ocean energy projects are attracting significant funding from private and government sources, providing support for the wave energy industry to follow a similar trajectory to that of comparable renewable technologies in wind and solar before it,” Shields says.
“The ACHIEVE Program deployment in Spain will validate the technology’s performance and showcase its role in helping Europe meet its renewable energy targets.”
Carnegie Clean Energy is a technology developer focused on delivering ocean energy technologies.
Write to Maddison Elliott at Mining.com.au
Images: Carnegie Clean Energy
