Carnegie Clean Energy (Carnegie or the company) announced the award of funding and launch of the MoorPowerTM Scaled Demonstrator project in conjunction with prominent research institute, the Blue Economy Cooperative Research Centre (Blue Economy CRC). MoorPowerTM is a CETO derived wave energy product designed for moored vessels and offers a solution to the challenge of securing clean and reliable energy for offshore activities, reducing reliance on diesel generation. The initial target market for MoorPowerTM is offshore vessels such as feeding barges for the aquaculture sector, but the future market is broader and includes the many other offshore operations that require energy. Over the next 2 years, Carnegie will design, install and operate a scaled demonstrator of the MoorPowerTM technology just offshore from its headquarters and research facility in North Fremantle, Western Australia. This $3.4 million MoorPowerTM Scaled Demonstrator project will be delivered with funding support from the Blue Economy CRC and in close collaboration with a consortium of partners including two of Australia's large aquaculture companies, Huon Aquaculture and Tassal Group. Academic and industry partners include DNV GL Australia, Advanced Composite Structures Australia, University of Tasmania, Climate KIC/Australian Ocean Energy Group, AMC Search and University of Queensland. The project is supported by $1.35 million cash from the Blue Economy CRC, $265,000 cash from Carnegie and $1.8 million of in-kind support from all the project partners. MoorPowerTM was developed by Carnegie with the goal of decarbonising the energy needs of offshore operations, particularly in aquaculture. As the aquaculture sector moves operations further offshore, operations such as feeding barges will no longer have access to shore-based power and the reliance on diesel generators comes with many associated costs, carbon emissions and environmental risks, including fuel storage and spillage risks while refuelling offshore. This challenge presents an opportunity to utilise wave energy, an untapped energy source constantly flowing around offshore facilities. Ocean Energy Europe (OEE) forecasts significant growth for wave energy with a 653b market potential by 2050. MoorPowerTM can be deployed for any type of moored vessel and is not limited to fish farming. Carnegie will continue to collaborate with key aquaculture companies to understand their requirements, constraints and challenges. Additional aquaculture technology providers, such as companies that build feeding barges, are also supportive of the MoorPowerTM project. Carnegie's vision for the MoorPowerTM product is that the technology will be an integrated solution with other offshore renewable energy systems including hydrogen and batteries. Carnegie has incorporated aspects of its proprietary core CETO wave energy technology into MoorPowerTM. The core CETO technology has a submerged buoy that sits a few metres below the surface of the ocean, moving with the waves. This orbital motion drives a Power Take-Off (PTO) system that converts the wave motion into electricity energy. MoorPowerTM is a spin-off from CETO; it takes key CETO components such as the PTO and offers an alternative configuration for a new market application. This new product launch is consistent with Carnegie's focus on the development and commercialisation of proprietary technologies to efficiently and cost-effectively convert wave energy into electrical energy. Carnegie's technologies have the potential to revolutionise marine renewable power, deliver innovative solutions to ocean industries and support global efforts towards decarbonisation and a more sustainable environment.