Minesto secures another multi-million investment

Minesto, a Swedish-based tidal energy developer, has secured €3.5 mln from KIC InnoEnergy for its tidal energy project in Wales.

The funding from KIC InnoEnergy, a European company promoting innovation, entrepreneurship and education in the sustainable energy field, is dedicated to ensure that Minesto’s first commercial scale power plant is installed in 2017 in co-operation with partners McLaughlin & Harvey and KTH Royal Institute of Technology in Stockholm.

Mikel Lasa, CEO of KIC InnoEnergy Iberia, said:

“KIC InnoEnergy have decided to invest in the Deep Green technology developed by Minesto as it strongly complies with our vision to make Europe sustainable. For us, it is a strategic investment and we look forward to promote and support the company Minesto to become a leading actor within the marine energy sector.”

Anders Jansson, CEO of Minesto, added: “The funding from KIC IE helps us to offer a proven, demonstrated and innovative turn-key solution, applicable in a much wider range of European coastal waters with global export potential.”

Earlier this year, Minesto was awarded €13 mln from the European Regional Development Fund for the development of Deep Green tidal power plant in Holyhead Deep, off Holyhead Island in Wales.

The power plant will be developed in phases, with the installation of the 500 kW tidal power plant as part of the first phase that will lead to additional deployments in what will eventually become an array with a total capacity of 10 MW.

It is expected to be operational in 2019, and power 8,000 households.

Minesto has developed a new concept for tidal power generation called Deep Green that uses the magnified power of the ocean to generate electricity even in areas of low tidal velocity.

Its technology consists of a wing, that resembles the kite, and the electricity is produced when the water current creates a hydrodynamic lift force on the wing which pushes the kite forward. The wing includes watertight compartments for buoyancy system, batteries and pressure sensors.

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Image: Minesto