Abstract
Our Purpose remains front of mind – “harness ocean energy to make the world more sustainable”. And our aim is to become the global leader in this new renewable source of energy, delivering clean renewable technologies to the world whilst delivering value to our shareholders.
The worldwide push towards decarbonisation and the need for renewable energy sources has grown even further over the last 12 months, with Governments and businesses steering away from the reliance on traditional fossil fuels. The Russia-Ukraine war also shows further incentive to reduce the dependence on gas monopolies by accelerating the rollout of renewables.
Australia’s recent landmark Climate Change Bill 2022 is a big step forward, committing to cut greenhouse gas emissions to 43% below 2005 levels by 2030, and reach a net zero goal by 2050. The legislation gives our industry and investors greater confidence in the nation’s commitment to reaching a credible path to net zero and increased clarity for participants in the energy market.
CSIRO projects that wave energy could contribute up to 11% of Australia’s energy (enough to power a city the size of Melbourne) by 2050, making it a strong contender in the nation’s renewable energy mix.
Meanwhile on a global front, by 2050, 85% of global energy is targeted to come from renewable sources. With investments accelerating, ocean energy has an enormous potential to follow the same trajectory as solar and wind.
Technologies like CETO – capturing energy in ocean waves and converting it into zeroemission electricity – are receiving increasingly wide interest as an additional means to help fight climate change.
As part of the milestones achieved this year, the team made substantial improvements with a step change enhancement in CETO’s cost and performance, based on modelling and tank testing, which also culminated in the completion of Carnegie’s Digital Development Pathway.
Looking ahead, we have unveiled our new Product Validation Roadmap for CETO, MoorPower and our complimentary product streams (Mooring Tensioner and Wave Predictor), outlining the targets and milestones over the next 18 months.
Europe is leading the way in wave energy support and adoption, so being awarded Phase 1 of the competitive €22.5m EuropeWave PCP Programme was a huge endorsement of the applicability of our technology. In September 2022, the team was excited to be selected as one of five contractors to continue in Phase 2 of EuropeWave. This was an even further validation of CETO’s competitive potential and a big step forward towards the final Phase 3 which, if successful in the final competitive selection, would see a funded CETO prototype deployed at BiMEP in Spain or EMEC in Scotland.
The EuropeWave programme aims to advance wave energy technologies for commercial exploitation, running from 2021 to 2025. EuropeWave has been a great win for Carnegie. During Phase 1, our fantastic team and consortium of partners have worked relentlessly to complete CETO’s design and tank testing campaign and validate the technology’s performance in the European wave conditions. Our European team has grown this year, particularly expanding its footprint in Spain to support EuropeWave, with our wave tank testing campaign conducted at the Cantabria Coastal and Ocean Basin (CCOB). Over the coming year, we’ll be undertaking a range of Phase 2 CETO design, testing and commercial activities.