Tidal Project Gets EUR 5.1 Million from EU

Minesto, together with eight partners, has received EUR 5.1 million to develop the Deep Green technology within a project named PowerKite, financed through EU Horizon 2020.

The aim is to develop the next generation of the Deep Green power plant; to give it a better performance, a longer life expectancy and improved reliability, all in order to further reduce costs for generating electricity from tides and ocean currents, Minesto explained.

The project will run for 30 months, and the consortium will cover the science areas that are necessary to improve product performance, and ensure environmental standards as well as the requirements of customers.

Minesto’s partners are: Belgian electricity company Laborelec, a subsidiary of Engie, Chalmers University of Technology, Midroc Project Management AB, SSPA Sweden AB, UW-Elast, Moorlink Solutions AB and Applied Computing & Engineering Limited and Queens University Belfast in the United Kingdom.

“Succeeding in establishing development projects with leading players in Europe like this, is a proof of the interest in our product and our ability to establish large projects,” said Anders Jansson, CEO of Minesto.

Ana Novak, Project Manager, ENGIE Lab, said: “The Deep Green technology is focusing on proving cost-efficient use of low velocity tidal streams which could be beneficial for the tidal sector as a whole.”

Minesto was recently listed on NASDAQ First North in Stockholm, giving the company a capital injection of EUR 15.5 million on top of other recent funding from the European Regional Development Funds through the Welsh Government (EUR 13 million) and KIC InnoEnergy (EUR 3.5 million).

Overall, Minesto has received investments of circa EUR 37 million in 2015.