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Company Headquarters: Villepinte, France Founded: 1926 Workforce: ~2,800 Company Working: Guerbet operates in the medical imaging field, offering a wide range of pharmaceutical products, medical devices, digital and artificial intelligence solutions for diagnostic and interventional imaging, to improve the diagnosis and treatment of patients. Guerbet is continuously incorporating innovation in its products with research and development centers in France, Israel, and the US. The company operates in two reportable segments, diagnostic imaging, and intervention imaging.
Company Headquarters: Massachusetts, US Founded: 1997 Workforce: >261 Company Working: Sirtex Medical is a global healthcare company with offices in the US, Australia, Germany, and Singapore. The company has manufacturing facilities in the US and Germany. As of June 2018, Sirtex Medical Systems operates as a subsidiary of CDH Investments (China). The company’s lead product is a targeted radiation therapy for liver cancer called SIR-Spheres Y-90 resin microspheres. More than 100,000 doses have been supplied to treat patients with liver cancer at more than 1,300 medical centers in over 50 countries. SIR-Spheres Y-90 resin microspheres are approved for the treatment of inoperable liver tumors in Australia, the European Union, Argentina, Brazil, Canada and several countries in Asia, such as India and Singapore.
Carnegie Clean Energy is a pre-commercial Australian wave energy technology developer whose principal asset is the proprietary CETO submerged point-absorber wave energy converter, carried on its balance sheet at A$18.9 million. After a troubled 2016–2019 diversification into solar and battery microgrids that ended in large write-downs and the exit of its Energy Made Clean subsidiary, the company has been rebuilt as a lean, grant-leveraged technology house with its operational centre of gravity in Europe. Its near-term value hinges on a single event: the staged ocean deployment of a grid-connected CETO unit at Spain's Biscay Marine Energy Platform (BiMEP) under the ACHIEVE Programme, scheduled to begin in October 2026. A spin-off product, MoorPower, targets diesel displacement on aquaculture feed barges. Revenue (A$0.45M in FY2026) comes almost entirely from a legacy solar-battery microgrid supplying the Department of Defence at Garden Island, WA. The company is loss-making, lightly capitalised and carries a going-concern material uncertainty. --- ### Company's own description In its FY2026 Financial Report the company states that the principal activity of the Group during the year was the development of the CETO Wave Energy Technology. Its standard corporate boilerplate describes Carnegie as a technology developer focused on delivering ocean energy technologies, the owner and developer of the CETO and MoorPower technologies, which capture energy from ocean waves and convert it into electricity, operating from Australia with wholly owned international subsidiaries (notably CETO Wave Energy Ireland and Carnegie Technologies Spain). The FY2026 Directors' Report also describes an "Other Products" activity: using the wave energy IP portfolio and know-how to investigate remote-power applications for Defence, aquaculture and data centres. ### Independent characterisation Carnegie is best understood as a single-technology, pre-revenue IP developer with a small legacy utility cash stream. It sits at the very upstream end of the ocean-energy value chain: concept, design, numerical modelling, controls software, component specification and system integration. Fabrication and assembly are outsourced (power take-off assembly by SKF in Germany; the electrical module with Basque supplier SEI), and offshore installation is subcontracted to marine contractors. It does not own manufacturing capacity, vessels or large-scale project pipelines in operation. The company's funding model is distinctive and central to the investment case. Rather than fund development wholly from equity, Carnegie stacks non-dilutive sources: (i) competitive pre-commercial procurement (EuropeWave PCP, €3.75M for the ACHIEVE Project); (ii) national and regional grants (Spain's RENMARINAS DEMOS programme, €1.2M; Basque Energy Agency EVE, €2.1M); (iii) EU Horizon Europe collaborative research (COIN, €4M consortium budget); (iv) the Australian R&D Tax Incentive and the sale of Spanish R&D tax deductions; and (v) Blue Economy CRC co-funding for MoorPower. Under its accounting policy, grants relating to capitalised development are offset against the intangible asset rather than recognised as income, which is why reported "revenue" is tiny even in years when several million dollars of grant cash is received. ### Revenue model and mix (FY2026) | Revenue / income stream (FY2026, AUD) | Amount | Share of total revenue and other income | Model type | |---|---|---|---| | Garden Island Microgrid electricity sales (recognised over time) | 453,774 | 74.6% | Utility / power purchase (Electricity Supply Agreement with Department of Defence) | | Interest income | 42,864 | 7.0% | Treasury | | Net gain on disposal of fixed assets | 59,656 | 9.8% | Non-recurring | | Rental income (sub-lease to Secure Energy) | 15,851 | 2.6% | Property | | Other income | 36,490 | 6.0% | Miscellaneous | | Total revenue and other income | 608,635 | 100% | — | Source: FY2026 Financial Report, Note 2. Product sales, subscription or licensing revenue: nil. The intended long-run model (per the company's impairment methodology) is IP licensing and royalties on CETO units sold into third-party projects, plus potential project development equity and MoorPower product sales. ### Customer types and end-markets | End-market | Status | Customer / counterparty type | |---|---|---| | Utility-scale grid-connected wave energy (CETO) | Pre-commercial; first European demonstrator deploying from October 2026; 6 MW array at concept/MOU stage | Utilities, project developers, governments (EuropeWave buyers group of Wave Energy Scotland and Basque Energy Agency acting as procurers) | | Aquaculture feed-barge power (MoorPower) | Preliminary commercial-scale design complete; seeking aquaculture host for commercial pilot | Salmon and finfish aquaculture operators (initial work with Tasmanian operators via Blue Economy CRC) | | Defence remote/offshore power | Exploratory; ASCA Pitch Day award (Nov 2025) | Australian Department of Defence; potentially allied navies | | Offshore finfish arrays (US) | Technical study under US TEAMER (Kelson Marine) | US aquaculture sector, US DOE-supported programmes | | Data centres | Exploratory (named in FY2026 strategy) | Not disclosed | | Legacy microgrid power sales | Operating; output constrained by equipment issues | Australian Department of Defence (HMAS Stirling, Garden Island) |
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