Carnegie Clean Energy Limited announced that its wholly owned subsidiary, CETO Wave Energy Ireland, has received milestone payments amounting to €290,855 (approximately $520,000 AUD) under the EuropeWave Phase 3 Contract. This development is a significant component of the company’s ACHIEVE Programme, which is focused on deploying and operating the CETO technology in the Basque Country at the Biscay Marine Energy Platform site. The payments were triggered by the completion of key project deliverables, including procurement activities, operations and maintenance planning, and the successful deployment of Sofar Ocean wave buoys. The payments underscore progress in both procurement and manufacturing as Carnegie continues to advance its wave energy initiatives. The deployment of the Sofar Ocean wave buoys at the CETO berth is particularly noteworthy, as the live data collected will not only support the ongoing ACHIEVE Programme but also provide valuable insights for future projects at the BiMEP site. These operational milestones play an essential role in validating Carnegie’s CETO technology in harsh ocean environments and its transition towards full commercialisation. In the broader context of EuropeWave, the announcement coincides with a collaborative R&D effort backed by over €22.5 million in funding from national, regional, and EU sources. The EuropeWave programme, running until 2026, aims to design and demonstrate cost-effective wave energy converters. This initiative is closely linked with the European Green Deal and the EU’s targets for ocean energy capacity expansion, highlighting the strategic importance of renewable energy projects in the region. Bullish sentiment centers on the successful achievement of key technical and operational milestones, demonstrating Carnegie’s ability to secure funding and execute its Atlantic projects effectively. The receipt of milestone payments, coupled with progress in deploying core technologies, suggests tangible advancements toward commercialisation and growth in the renewable energy sector. Conversely, bearish sentiment may arise from potential market volatility linked to ongoing technology development phases and the inherent risks of pioneering projects in challenging ocean environments. Investors should consider both the progressive project outcomes and the uncertainties associated with scaling up novel energy technologies.