Italian renewables giant Enel Green Power (EGP) will invest some €1m ($1.2m) in Australian outfit Carnegie Clean Energy’s pioneering wave power technology, known as Ceto, as part of a collaboration agreement inked between the two companies.

The focus of the investment is the latest iteration of Carnegie’s Ceto device, a steel-and-rubber buoy-and-pump-based design that has been under development since 2009, and the Albany project, a 1.5MW