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Carnegie Clean Energy (ASX: CCE) (“Carnegie” or the “Company) is pleased to announce that it has
signed a Memorandum of Understanding with Chugachmiut to explore the development of CETO
projects in the Chugach Region of Southcentral Alaska.


Chugachmiut, a company dedicated to serving the seven Native tribes in the Chugach Region, is
exploring the potential for wave energy to provide clean, affordable, and reliable electricity to tribes
within their service region. In their search for solutions, the Chugachmiut team found the CETO wave
energy technology.


As a technology provider, Carnegie is well placed to work alongside local experts at Chugachmiut to
investigate opportunities for future CETO wave energy projects. This MOU formalises ongoing
discussions and demonstrates the parties’ commitment to active collaboration towards the
deployment of wave energy in the region.

A report by the US Bureau of Ocean Energy Management (BOEM) highlights the vast renewable energy
opportunity in Alaskan offshore waters with an estimated 3,800 gigawatts (GW) of potential wind,
wave, and tidal energy resource capacity (Feasibility Study for Renewable Energy Technologies in
Alaska Offshore Waters, 2023). Alaska derives approximately 30% of its electricity from renewable
sources, primarily hydropower. The rest comes from fossil fuels; however, the costs are high in rural
areas due to the need to transport fuel for diesel generators.


There is, therefore, a significant opportunity for wave energy to provide a local, secure energy source
for communities along the Alaskan coastline. Work completed by the National Renewable Energy
Laboratory (NREL) shows that there is a valuable wave energy resource off the coast of Southcentral
Alaska, which is worth further evaluation.


Simulated wave energy resource of Southcentral Alaska (Illustration by Billy J Roberts, NREL, 2022)
Together, Carnegie and Chugachmiut will explore the technical and commercial pathways needed to
progress the deployment of CETO in the region, including potential activities such as wave buoy
deployments, bathymetric surveys, local infrastructure review and development, stakeholder
engagement, and securing project funding.


Carnegie CEO Jonathan Fievez commented, “The relationship formalised in this MOU reflects
Carnegie’s business model to provide our wave energy technology to renewable energy project
developers and owners globally. We are thrilled to have passionate partners like Chugachmiut
approaching us with a vision to deploy CETO in their communities. We look forward to continuing to deepen our understanding of their needs and exploring how CETO can bring sustainable and secure energy to the Chugach Region. With wave energy a globally distributed resource, there are so many
cities and remote communities worldwide where CETO can support the energy transition, and we look
forward to supporting project owners and developers worldwide.”

“This revolutionary wave conversion system can potentially supply electricity to communities in the
Chugach Region,” says Angela Vanderpool, Executive Director of Chugachmiut. “We are excited for
the potential of lowering energy costs in the region, and it’s clean, renewable, and sustainable.”


The MOU will run initially for three years unless extended by mutual agreement. Each party will bear
its own costs under the agreement.

Carnegie signs Memorandum of Understanding with Chugachmiut