Announcement PDF Annual General Meeting November 2024 “We harness ocean energy to make the world more sustainable”. Carnegie Clean Energy Ltd ASX: CCE OTC: CWGYF 2024 Wave power resource for selected countries 10 Australian Targets • 43% emissions reduction by 2030 • 82% renewable electricity by 2030 • Net zero by 2050 • Currently ~40% renewable electricity (~45% solar, ~35% wind, ~15% hydro) 11 Australian Challenges – Wind Droughts! • Wind Lull #1 (13th April to 20th April) - VIC, NSW, and parts of SA. • Wind Lull #2 (13th May to 18th May): - SA and VIC. • Wind Lull #3 (22nd May to 28th May): - VIC, SA, NSW, and parts of TAS. • Wind Lull #4 (5th June to 11th June): - QLD, SA, and TAS. 12 Wave energy is special – Seasonally inversely correlated with solar Wave Solar Inverse seasonal correlation between wave energy converter and solar PV power at Carpenter Rocks 13 Wave energy is special – but wait, there’s more! • Doesn't have the visual amenity impacts that are plaguing the introduction of offshore wind in Australia • Wave energy can offer some coastal protection • Doesn't consume any significant land area, which is at a premium in Europe and many coastal locations • Wave energy consumes 3 to 5 times less space than offshore wind 14 Southern Ocean Offshore Energy Declared Area • Declared area max size: 1,030km2 • Potential power generation: 2.9GW • Wave farm would be invisible from land 15 What could Australia gain from supporting wave energy Challenge: transition to clean energy system able to meet future demand for sustainable, reliable and affordable energy Opportunity: • Wave energy is an immense and untapped source of renewable energy that is consistent and predictable • Complementarity with wind and solar brings reliability and savings • 100% RE is extremely difficult without wave energy • Local content - stop being a tech importer • Build sovereign capability through natural advantage • Large grids + isolated towns along Southern and western coasts 16 Wave Energy – Global Momentum Building €195M Europe saw €195M public funding for ocean energy in 2023. (Ocean Energy Europe) €32M The largest single investment into competitor CorPower’s technology to date and likely the largest ever in the wave energy sector £19bn €65M 137MW France provided a financial package including at least €65M for the 17.5 MW FloWatt tidal stream project. (Ocean Energy Europe) Europe leads in ocean energy with a 137 MW project pipeline. (Ocean Energy Europe, 2024) $112.5M 29,500TWh €240M Wave energy could be worth £19bn to the UK economy by 2050. (University of Edinburgh) The US announced $112.5M funding for wave energy commercialisation. (US Department of Energy) Global wave energy potential exceeds 29,500TWh. (IRENA and OEE, 2023) Spain’s ‘RENMARINAS DEMOS’ Program awarded €240M to marine renewables, including €12.2M to wave energy. (IDAE) 17 United States ▪ Funding Increase: $112 million USD committed to advancing wave energy technologies in the US. ▪ New legislation in California supports wave energy deployments, fostering growth in the sector. ▪ 1 MW of new wave energy capacity added in 2023 ▪ PacWave South test site coming soon: Operational in 2025, facilitating testing and development of wave energy converters. (Credit: Oregon State University) ▪ Vast wave energy potential: The US has the potential to generate 2.64 trillion kWh/year from wave energy, equivalent to ~64% of 2023 utility-scale generation. 18 18 Carnegie Clean Energy – Our Opportunity ▪ Carnegie is a global leader in wave energy technology ▪ Globally, support and funding for wave energy increases: funding through Horizon Europe, the United States government and private investment continue to increase. ▪ The ACHIEVE Programme has attracted €7.05m ($11.66m) in support to facilitate the deployment of CETO at the Biscay Marine Energy Platform (BiMEP) in the Basque Country (Spain) ▪ Our LCOE continues to be competitive with offshore wind and solar PV at the equivalent stage of its development and scale. ▪ The global challenge is to deliver a transition to clean energy with the ability meet future demand for sustainable, reliable and affordable energy 19 ACHIEVE PROGRAMME Carnegie Current Projects Garden Island Microgrid MoorPower & MoTWEC A$2.2m Valuation Conservative Valuation projects reaching completion 20 CETO – Harnessing Ocean Waves Our core technology is unique and avoids known issues ▪ Water in waves move in an orbit. The buoy is forced to move in the same motion ▪ This kinetic energy is transformed by the three Power Take-Offs within the buoy ▪ CETO operates fully submerged, avoiding issues of visual amenity and damaging forces from breaking storm waves ▪ Artificial intelligence helps us capture more by adapting to every individual wave that passes ▪ CLICK TO SEE ANIMATION 21 21 22 ACHIEVE Programme – Basque Country Deployment 23 Year in Review – ACHIEVE Programme •EuropeWave PCP Contract: Awarded a €3.75 million Phase 3 contract, securing the deployment of a CETO device at the Biscay Marine Energy Platform (BIMEP) in the Basque Country. “The past year has been one of immense progress, marked by significant strategic accomplishments that maintain Carnegie’s position as a leader in the rapidly evolving field of wave energy.” •CETO Berth Secured: Successfully secured a berth reservation at BIMEP and awarded contracts for critical CETO component design and manufacture. •Authority to Proceed (ATP) Milestone: Achieved the crucial ATP milestone, reinforcing the EuropeWave Buyer's group's confidence in Carnegie's ability to deliver a successful deployment. •Additional Funding: Secured two additional funding sources for an enhanced CETO deployment at BIMEP through the Spanish Government and regional Basque Energy Agency. •RENMARINAS DEMOS Grant: A €1.2 million grant is enabling the company to extend the CETO deployment's operational period, improve wave prediction capabilities, develop local infrastructure, and foster collaboration with BIMEP. •Basque Energy Agency Grant: A €2.1 million grant is providing targeted support for crucial CETO components, bolstering local manufacture, and reducing technical and financial risks. 24 ACHIEVE PROGRAMME This is part of the EuropeWave project that has received funding from the European Union’s Horizon 2020 Research and Innovation Programme under grant agreement No 883751’ 25 HPE DISCOVER – LAS VEGAS 2024 26 MoTWEC: Mooring Tensioner for Wave Energy Converters 27 MoorPower Scaled Demonstrator Built, deployed and operated 28 MoorPower Scaled Demonstrator •Manufacture, Assembly, and Onshore Testing: The team successfully completed these crucial steps for the MoorPower scaled demonstrator •Deployment: In January 2024, the demonstrator was deployed at Carnegie's offshore test site in North Fremantle, Western Australia. This marked an important step in the technology's commercialisation pathway. •Data Collection and Validation: The deployments provided critical data that validated the functional design and numerical modeling of the system in various sea conditions. •Core Design Proof: The MoorPower modules functioned as predicted, proving the core design. •Model Validation: Numerical models were validated using demonstrator performance data and commercial feeding barge motion data. This provided confidence in Carnegie's ability to forecast the performance of commercial MoorPower systems globally. 29 MoorPower Commercialisation Pathway 30 The Future of MoorPower Carnegie is actively working towards a commercial scale deployment of the MoorPower modules onboard a working aquaculture barge 31 31 Garden Island – A year in review •Carbon Emission Milestone: electricity generated by the system now avoided over 5,000 tonnes of carbon emissions. This year was a remarkable transformative period for Carnegie Clean Energy on its journey toward commercial scale •Revenue Generation: Generated $117,616 in revenue from the sale of Large-Scale Generation Certificates (LGCs) during the year. •Clean Energy Sales: Through an ongoing arrangement with the Department of Defense, electricity generated was sold under an Electricity Supply Agreement. •Future Wave Energy Potential: The existing infrastructure and ability to sell power make the microgrid suitable for future wave energy projects. 32 Product Validation Roadmap (Next 5 years) Completed In Progress Carnegie Products Intended Projects Product Validation Roadmap Summary 2024 2025 Planned, subject to Project funding approval 2026 2027 2028 2029 Deployment Projects CETO Scaled Prototype - ACHIEVE Programme – EuropeWave, EVE, Renmarinas Funded CETO Prototype Validated via one year operations in Europe CETO Pilot Array Project ( Various options being pursued) CETO Pilot Array Validated via operations in Europe CETO Array Deployments - Increasing proj. size MoorPower Commercial Pilot in Real Operating Env. (Funding & host being pursued) MoorPower Commercial Pilot Validated via operations in a real operating environment MoorPower Deployments - Commercial Projects Research and Development – delivering ongoing learnings and improvements WECHULL+, MegaWave PTO, Industry Research Fellowship (UoA), HPE Collaboration, Mooring Tensioner, TEAMER etc. 33 News and Media 34 Be part of the innovation that will unlock the power of the world’s oceans 35