The Punter rides the wave with Carnegie Clean Energy

Carnegie is not a penny dreadful, or even a ha'penny horror. It's a farthing frightful.

You would be lucky to sell them for more than a tenth of a cent, the lowest price you can pay on the ASX.

Carnegie, based in Perth, WA, has been working for years to prove that you can use the rise and fall of the waves to generate clean, green, renewable energy.

The idea is that the waves push buoys up and down to pump water ashore with enough pressure to drive a generator and/or push saltwater through a desalination plant without the need for expensive electric pumps.

Over the years, CCE has received millions in grants and subsidies from the WA and federal governments. Accumulated losses are close to $200 million.

Its only real commercial income is from its solar farm which supplies electricity to the naval base on Garden Island, WA.

However, it has heavyweight collaborators, including Hewlett Packard, the Blue Economy Cooperative Research Centre and the aquaculture giants Huon and the Tassel Group.

It has been part of the EuropeWave competitive research and development project since 2022. It has successfully survived phases one and two and last week was selected as the overall winner of Phase Three.

This is a big win. It has beaten 30 different wave technologies to secure a $6.3m contract to build and install its energy converter off the Spanish coast, to deliver power to the European grid by 2025.

Two years ago news like that would have seen the CCE price soar, but at the time of writing the highest bid is back to a tenth of a cent. The Punter, buoyed by the news, is happy to keep riding the CCE wave.