Announcement PDF Investor Webinar 7th June 2024 CETO – Harnessing Ocean Waves A round object under water Description automatically generated 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 2 2 We are unlocking the vast power of the ocean “The history of humanity has been shaped by how it has harnessed energy. “It’s impossible that humans would not harness such a vast and consistent energy resource as the waves” Jonathan Fiévez, Carnegie CEO Our global challenge is to deliver a transition to clean energy with the ability meet future demand for sustainable, reliable and affordable energy. Wave energy is unique. Unlocking its potential will change the world. Carnegie Clean Energy is a global leader in wave energy technology. We are committed to harnessing the power of the ocean. From Fremantle in Western Australia, our technology is ready to change the world. It is a source of renewable energy that is consistent and predictable. Wave energy produces zero emissions and can provide 24/7 power at scale. It’s the world largest battery 4 ✓ Out of 36 international technologies that entered the EuropeWave PCP competitive programme, CETO was ultimately ranked number one. The technology was judged on criteria including LCOE, performance, reliability, availability and survivability ✓ We have attracted more than €7.05m ($11.5m AUD) in European funding in the second half of 2023 Our wave energy technology recognised as a world leader ✓ Our LCOE is expected to be competitive with offshore wind and solar PV at the same stage of its development and scale ✓ Commercial scale CETO has a capacity of 1 MW, one of the largest in the industy ✓ Social license issues are minimised as CETO is fully submerged and uses negligible onshore real estate ✓ Uniquely, our technology is a flexible, scalable design, driven by AI to maximise its effectiveness in real time 5 Global potential of the wave energy market 40 GW Ocean energy is coming. The European Commission has set clear targets of 100MW of installed ocean energy capacity by 2025, 1GW by 2030 and 40GW by 2050. With the right support, this could happen sooner €53bn p.a. Ocean Energy Europe forecast ocean energy to be a €53bn per annum industry, supporting 50,000 jobs 70 % 350 GW The amount of the world’s surface covered by our oceans. Absorbing energy from wind, it’s known as the world’s biggest battery The International Renewable Energy Agency’s current estimate of ocean energy installed capacity by 2050 Source: https://www.oceanenergy-europe.eu/ocean-energy/ 7 What Carnegie Does ▪ Technology developer of ocean energy products and services • CETO Wave Energy Generator • MoorPower • Mooring Tensioner • Wave Prediction & AI Control System ▪ Integrator and supplier of ocean energy devices • Assembly • Installation Carnegie Commercial Model • Technology and software upgrades ▪ Engineering services • Project feasibility and design • Design, construction, development and commissioning • Operational management, repairs and maintenance 8 How Carnegie Generates Revenue ▪ Technology royalties for the use of CETO - annual recurring contracted revenue over 20+ year life of clean energy projects ▪ Margin on OEM revenue • Carnegie is the head contractor for all CETO components and manages the assembly and installation process • Contracted revenue based on value and timing of CETO units installed in projects ▪ Margin on engineering services • Feasibility, design, construction and development revenue based on value of renewable energy projects Carnegie Revenue Model • Operational, repairs and maintenance revenue is annual recurring contracted revenue over 20+ year life of renewable energy projects ▪ Independent modelling estimates Carnegie revenues commence up to 4 years prior to commissioning of wave energy projects that employ CETO technology ▪ CETO units are estimated to be [75%] of the construction capex of wave energy projects (ex feasibility, permitting, design, etc costs) 9 How Large is the Market? ▪ The European Commission (EC) has set a target of 1GW installed ocean energy capacity by 2030 ▪ This represents up to €5bn ($8.2b AUD) of capex on ocean energy projects by 2030 in the EU alone ▪ A market share of 10% to Carnegie would represent €500m ($820m AUD) in aggregate revenue ▪ The EC is targeting €100 per MWh by 2035 and the CETO LCOE model shows we are on track to achieve it Addressable Market ▪ The International Renewable Energy Agency has identified 350 GW as the global ocean energy potential by 2050 10 EuropeWave Contracted Deployment ✓ From initial 36 applicants, Carnegie’s ACHIEVE project ranked number one ✓ Judged on criteria including LCOE, performance, reliability, availability and survivability ✓ €3.75m deployment contract awarded in September 2023 ✓ Design/procurement contracts currently being awarded ✓ Target deployment at BiMEP in summer 2025 with 2 years operation ✓ Growing team in Spain (Bilbao) to execute the project ACHIEVE Project – Basque Country Deployment Additional National Recognition to Support and Enhance Project ✓ Spanish Government (IDAE - Renmarinas) awarded €1.2m in December 2023 ✓ Basque energy agency EVE awarded €2.1m in March 2024 Total funding pool of €7.05m 12 Our complementary technology suite MoorPower ▪ CETO derived technology to power moored offshore vessels (such as barges in the aquaculture sector) through wave power. ▪ Can reduce or eliminate offshore diesel usage. ▪ Validated via $3.4m AUD MoorPower Scaled Demonstrator Project. Wave Predictor ▪ Product able to predict upcoming waves using AI up to minutes into the future, before they impact the shore, a structure or a wave energy converter. ▪ Increases the safety and performance of activities including critical offshore operations and rock fishing. Mooring Tensioner ▪ Provides passive tension for CETO and MoorPower products. ▪ Can be a standalone offering that improves stationkeeping for vessels. ▪ Prototype and test rig built and testing is underway. 13 MoorPower: Wave Energy for Aquaculture and Offshore Demand Aquaculture Needs Driving Development ✓ Product developed based on requirements and characteristics of offshore aquaculture ✓ BE CRC Supported Project ✓ Consortium of partners including leading aquaculture companies Huon (JBS owned) and Tassal (Cooke Aquaculture owned) Demonstrator Deployed ✓ Scaled Demonstrator deployed at Carnegie’s offshore test site in WA in January 2024 ✓ Operations commenced 14 14 ACHIEVE Programme CETO Deployment in Europe €7.05m (A$11.6m) funding secured: Current Carnegie Projects ▪ EuropeWave Contract €3.75m ▪ Spanish Government Support €1.2m ▪ Basque Energy Agency support €2.1m Garden Island Microgrid MoorPower Demonstrator MoorPower Deployment in Australia A$2.2m Valuation Conservative Valuation A$3.4m Funding secured with support from the Blue Economy CRC 19 Our partners Carnegie has built a strong partner ecosystem Our partners include: 20 Our announcements are capturing public attention, building pride in what is being achieved 21 This innovation has the potential to bolster energy security, reliability and affordability globally Levelised cost of energy for Carnegie's CETO technology is dropping on a trajectory that is meeting or exceeding the maturity pathway of the renewable technologies that came before it (such as wind and solar PV) Our wave energy technology generates clean electricity at competitive costs at commercial scale OEE currently forecasts 100MW installed ocean energy by 2025 and 1GW by 2030 in Europe alone. This represents a large and near-term addressable market for CETO Carnegie Clean Energy as a business has evolved. The technology has been independently verified and is being deployed, and the business model has been developed with multiple sources of annualised recurring revenue in a rapidly growing market We are engaging with strategic partners who share our vision and understand that scale is the key to unlocking potential for the planet 24 Be part of the innovation that will unlock the power of the world’s oceans 25