Minesto steps up Deep Green commercialization

 
Minesto, a Swedish tidal energy developer, is advancing the international commercialization efforts for its Deep Green tidal technology by expanding the role of company’s Board member Stefan Karlsson.

Karlsson, who joined Minesto in autumn 2015, will now, in addition to his role as the company’s member of the Board take on further activities related to Minesto’s international business development.

The scope of work includes active involvement in identifying markets most attractive for successful commercialization of Deep Green technology, and activities regarding macroeconomic conditions, market structure, and financing.

Stefan Karlsson said: “The industry is facing a very interesting development in the coming years and I am convinced that the marine energy within a decade will account for a significant contribution to the renewable energy market, in addition to wind and solar. Minesto is probably the company with the best technical and commercial prerequisites to become the market leader in marine energy. Our job is to ensure that Minesto, based on the favorable conditions that the company possesses, develops into a successful and profitable international business.”

Minesto’s Deep Green 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 company is currently developing a 500 kW Deep Green tidal power plant at the Holyhead Deep site off the coast of Anglesey, Wales, planned for deployment in 2017, for which the customized turbine solution will be delivered by German-based Schottel Hydro.

In May 2015, the company secured €13 million investment from the European Regional Development Fund for the development of the plant, followed by €3.5 million of additional funding granted by KIC InnoEnergy.