Tell us about Carnegie?
The CETO wave energy technology is the result of a lot of hard work and inspiration by Carnegie employees, past and present, operating in a collaborative and innovate work environment in the port city of Fremantle in Western Australia. Our team is passionate about creating a truly innovative and sustainable power generation technology from the ocean’s waves.
The technology has been developed now over 10 years and with a spend of about $100 million and includes delivering the world’s longest operating grid connected wave energy array.
What support, if any, is there from Governments for wave energy?
There’s a strong argument for short term government support for an industry like wave energy as it emerges against more powerful incumbents like coal and gas, who have received significant public funding since their inception. Developing a wave technology is capital intensive and Carnegie will continue to seek funding from third party sources like governments and utilities to lighten the burden on its shareholders.
To date, Carnegie has been fortunate to receive funding from the Australian Government, the Western Australian State Government as well as international governments, including the Scottish, Irish and the French Governments.
Carnegie is an ASX listed public company. What does that mean and who are your existing shareholders?
As a publicly listed company on the Australian Stock Exchange (ASX: CWE), Carnegie is held up to the highest standards in terms of corporate governance and financial transparency. Our Board of Directors are extremely well credentialed across engineering both onshore and offshore, as well as in finance and corporate governance. Our shareholders range from the French power giant, Electricité de France, right through to individual retail investors.
What unites all of our shareholders is being passionate in realising the value from the CETO wave energy technology and for this reason we communicate regularly with all of our shareholders including open days down at our Fremantle Wave Energy Test Facility in Western Australia.
Has the CETO technology been independently verified?
Throughout its development Carnegie has ensured that the CETO technology has been subject to rigorous independent verification, including by French Government power giant, EDF, prior to its investment and by independent and engineering and assurance companies such as DNV GL and Frazer Nash. Being an Australian Stock Exchange listed company, we believe this is an important part of our corporate governance as much as a part of our technology development process.
Is the CETO technology unique to Carnegie or are there others using a similar technology?
Carnegie’s approach to wave energy technology is completely unique in being the only ocean tested fully submerged wave technology. Carnegie protects these advantages through the maintenance of its intellectual property portfolio that consists of more than 100 patents and patents pending.
Have you got any customers for CETO yet?
Carnegie is currently operating the world’s only grid connected wave energy array off Garden Island in Western Australia. The power and desalinated water being produced by this Project is being purchased by the Australian Department of Defence (DoD) under a Power Purchase Agreement and water supply licence, secured during the development of the Project.
One of the world’s largest power companies, the French EDF, is the first licensee of Carnegie CETO wave technology. The signing of this licence followed a significant amount of due diligence including the manufacture and testing of a CETO prototype in a wave tank in France.
Has Carnegie's wave technology been tested in the ocean?
The CETO wave energy technology has been developed over 10 years and with a spend of about $100 million. During this time our CETO technology has endured over tens of thousands of hours of ocean testing in all seasons. This amount of testing is very rare in the wave energy industry and maybe the most in-ocean testing of any wave device in the world. The capacity of prototypes developed by Carnegie has increased hundreds of times starting from a 1kW CETO device in 2006 through to the 1MW CETO 6 device now under development. The key driver is that the larger the system, the higher the capacity, and the cheaper the cost of energy. Carnegie’s aim here is to generate cost competitive clean energy from the ocean’s waves.
What is the market potential for wave energy?
The market for wave energy is potentially enormous, globally distributed and untapped. Wave energy has been estimated to be able to supply more than the whole world’s current power consumption but even capturing a small fraction of that would be a very lucrative market. One of the advantages of CETO is that it can produce both power and water effectively doubling the size of the market. The market in the immediate future will focus on island markets and defence installations around the world as well mainland markets with attractive power tariffs.
What is the environmental impact of Carnegie's CETO wave technology?
Minimising the environmental impact of the CETO wave technology is at the forefront of our engineers’ minds when designing the system. One significant advantage of Carnegie’s approach is that by being fully submerged we have zero visual impact, we are effectively invisible when you’re standing at the beach. But secondly, and perhaps more importantly, is the impact on flora and fauna in the ocean environment and what we’ve discovered having deployed many systems now over the years is that not only does the system not displace marine life, it in fact attracts marine life acting like an artificial reef. In our CETO 3 trial off the West Australian coast, what our independent experts measured an increase in the amount of marine life from seven species before the system was deployed to 27 species when it was operating. So there’s a high probability that the system when deployed at various sites around the world has the potential to increase the biodiversity in the areas that it operates in.
How does Carnegie's CETO technology harness wave energy?
Carnegie’s CETO wave energy technology is a unique approach to harnessing wave energy. The technology sits fully submerged beneath the ocean surface and consists of a buoy which moves with the ocean’s waves. We capture the up and down movement of that buoy to drive a pump which in turns drive a hydro turbine and generator, both examples of off the shelf equipment that we’ve applied in a unique, innovative way.
What are the key challenges of wave energy?
There are a number of key challenges of operating in the wave energy space. One relates to the wet and salty environment which means that corrosion is a key issue to be dealt with. The way that Carnegie deals with that is by utilising off-the-shelf componentry, materials and techniques that have been proven typically in the offshore oil and gas and marine industries. Another challenge is that the ocean can occasionally be a quite an extreme environment to operate in from an energy point of view. Whilst most of the time there is a consistent amount of energy present, infrequent, very high energy events such as storms occur, and it’s critical that the wave energy system can deal with the high energy events but without the added capital expenditure that would be associated with building very large structures. Carnegie’s CETO wave technology is completely unique in the way that it deals with those high energy events. Firstly, we’re fully submerged to avoid the worst of of the breaking waves on the surface and, secondly, we have energy dampening mechanisms throughout the system that mean that the balance of the plant doesn’t see those extreme forces.
What are the benefits of wave energy compared to other forms of renewable energy?
One of the big benefits of wave energy is the energy density. Water being some 800 times denser than air means that huge amounts of energy can be packed into very small areas. This means that the area for a wave farm will be much smaller than say a comparable solar farm with the same output. One of the other advantages is that it’s much more predictable than say wind energy. Wind energy tends to vary in seconds and minutes, whereas waves can be predicted accurately hours and days in advance and certainly some of the best wave energy resource, say along the southern coastline of Australia, is available 24/7.
How does wave energy differ from tidal energy?
Tidal energy is the energy that results through the interaction of gravity forces between the earth and the moon. It’s not as widespread as wave energy as there’s not that many places on earth that have a sufficiently large fall to generate large amounts of electricity from the tides. Wave energy is a globally distributed resource and therefore has huge potential impact to generate large amounts of electricity right across the globe.
What is Wave Energy?
Wave energy is the energy that’s generated in the ocean when strong winds move over the ocean surface. The waves are generated typically thousands of kilometres from the coast and then transmit enormous amounts of kinetic energy through the ocean to the shoreline. It’s exactly this powerful energy that the CETO Wave Technology aims to capture and convert into electricity.
Who owns the CETO technology and who owns the rights to CETO?
Carnegie owns 100% of the CETO technology and its intellectual property. Carnegie invests significantly in the management and maintenance of its intellectual property portfolio and views the creation and protection of IP as a core competency. It employs a full time intellectual property staff, who are responsible for executing Carnegie’s IP strategy including the capture, documentation, protection and maintenance of the CETO IP portfolio
Carnegie’s patent portfolio consists of multiple patent families covering the strategic elements of the CETO technology globally.
Carnegie has signed a technology licence and Joint venture agreement with global energy giant EDF.
Will CETO units produce electricity and/or fresh water 24 hours a day?
This will depend on the project site. The best wave energy sites globally have a 95-99% resource availability. This means that a CETO project will be generating electricity, desalinated water or both up to 95-99% of the time. Other sites will have less availability of wave energy and the energy will either be exported into a large mainland grid or, for islands, likely combined with other forms of power generation (and increasingly energy storage) to operate in so called microgrids.
Where will the CETO technology be deployed?
The CETO technology is a portable technology which can be deployed anywhere there is a good wave resource. It has global applicability and because Carnegie owns 100% of the global intellectual property, Carnegie intends to development CETO projects globally itself and with other partners. These global markets will include North and South America, Europe, Asia and Australasia.
How far below the surface are the CETO units?
The top of the Buoyant Actuator is approximately 1-2m below the surface of the ocean.
What size waves does the CETO device need to produce power?
Depending on the wave period, the CETO devices start operating in waves with a height in excess of 1m. A typical Australian CETO project site will have waves of 1m for 95-99% of the time. This means the CETO devices could be generating for more than 95% of the time.
How deep is the water CETO is submerged in?
One of the advantages of the CETO technology is its flexibility in water depth. The CETO technology can operate in water depths ranging from 20m-75m. By varying the length of the flexible tether these varying depths can be accommodated. The actual depth of deployment for a CETO project will depend on specific site conditions and forms part of Carnegie’s site assessment process.
What does CETO mean?
CETO is the name of a Greek sea goddess (Greek: KETO).
I'm diver, can I go out and see the CETO unit/s in operation?
As a member of the public you cannot dive on the CETO units in operation. For maritime safety reasons CETO units are deployed in an “exclusion area” which is designated by four cardinal makers. It is prohibited for unauthorised vessels or people to enter the exclusion area. If you wish to view the CETO units in operation please view the underwater video footage on our website.
Who is EDF and EDF Energies Nouvelles?
The EDF Group is one of the largest power companies in the world and is majority owned by the French Government. It operates over 150,000 MW of installed capacity across a generation portfolio that includes nuclear, coal, gas, solar, and onshore wind, offshore wind and tidal energy. EDF is the first licencee of the CETO technology. Prior to the signing of this agreement, EDF EN undertook extensive due diligence that included wave tank testing of a CETO unit at the University of Nantes in France.
How much does a CETO project cost?
The CETO technology in the short term will be most competitive in remote island markets where it is displacing diesel generation and in European markets where there is tariff support to encourage the development of wave energy. In the medium term CETO is expected to be competitive with offshore wind generation and in the long term competitive with onshore wind generation, which is generally regarded as the cheapest form of renewable energy currently available.
What is the next step for commercialisation?
The next key step for commercialisation of the CETO technology is the delivery of the commercial scale CETO 6 technology which has a targeted 1MW capacity. This will be delivered at the same location as the Perth Wave Energy Project at Garden Island, Western Australia, which successfully demonstrated the CETO 5 technology.
How can I apply for a job at Carnegie?
The best way to apply for a job is to send your resume and covering letter to email@example.com
Please be advised that due to the high volume of applicants not all emails can be personally responded to, and Carnegie will contact you if any further information is required.