December 10 (Renewables Now) - Swedish marine energy developer Minesto AB has secured EUR 1 million (USD 1.1m) from InnoEnergy, an existing investor in the company, to commercialise its marine energy converter technology.
Details are not available at this point and will be announced once the investment agreement has been completed, Minesto said on Monday, noting that the terms will not differ from earlier InnoEnergy investments in the company.
European clean energy investor InnoEnergy says its support for Minesto represents its largest investment in ocean energy. With this latest announcement, InnoEnergy reaches EUR 5.5 million in support for Minesto’s Deep Green technology for thee production of electricity from slow tidal streams and ocean currents by using subsea kite turbines.
“The transition to a more sustainable future must include a variety of clean energy technologies and ocean energy is the next frontier for the energy sector,” said Diego Pavia, CEO of InnoEnergy.
(EUR 1.0 = USD 1.143)