ACHIEVE passes EuropeWave Authorisation to Proceed Milestone

Carnegie Clean Energy Ltd pleased to share that its wholly owned subsidiary, CETO Wave Energy Ireland (CWEI), has successfully passed the EuropeWave Authorisation to Proceed (ATP) milestone as part of its EuropeWave ACHIEVE Contract.

As part of the ATP milestone, CWEI submitted detailed documents covering financial, technical, safety, regulatory, and testing aspects. These have been reviewed by the EuropeWave Buyers Group to determine whether it was ready to proceed to the next stage of contract delivery and marks another successful step towards the deployment of CETO at BiMEP as part of the ACHIEVE Programme.

The successful achievement of the ATP milestone marks the start of a transition over the coming months from planning and design into procurement. With the EuropeWave Authorisation to Proceed granted, the team will begin awarding contracts for the fabrication and procurement of long lead items. Passing the ATP milestone also unlocks a EuropeWave milestone payment of approximately €168k ($276k AUD) which can now be invoiced.