Carnegie is pleased to announce that its Digital Development Pathway has achieved its commercial target, through the cost and performance improvements of CETO.
These improvements have reduced CETO’s timeframe to commercialisation, making its pathway comparable to the historical progression of solar PV and offshore wind.
The completion of the Digital Development Pathway signals the escalation of commercialisation activities.
This is a key milestone and showcases how, with deployment, wave energy can become a commercially competitive and widely adopted technology.
The work undertaken has delivered a step change improvement in cost and performance which will place CETO in a strong position on the industry pathway to provide commercially attractive offerings to customers. Carnegie has been able to deliver up to a 30% increase in simulated energy capture performance with its industry partners, alongside projected improvements in reliability and operational efficiency.
The work conducted is expected to accelerate the uptake of CETO over the coming years by bringing the technology down the cost curve sooner, making it increasingly attractive to global markets.
As the technology progresses along its commercialisation pathway, and the cost of energy decreases further, Carnegie envisages the addressable market for wave energy to expand, creating a growing adoption curve previously seen in the solar PV and offshore wind market expansions.
Read the full ASX Announcement for more information.