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Minesto gets Swedish financial support to commercialise technology

The DG500 kite. Source: Minesto AB

June 18 (Renewables Now) - Minesto AB has won a SEK-12.5-million (USD 1.32m/EUR 1.18m) grant from the Swedish Energy Agency to develop and commercialise the DG100 tidal energy converter, which uses the company’s Deep Green technology.

The Gothenburg-based marine energy firm is developing a subsea kite device that generates electricity from tidal and ocean currents. While technology and product development takes place in Sweden, Minesto operates its projects in the UK, the Faroe Islands and Taiwan due to the absence of suitable tidal resource around Sweden, it noted.

The Swedish Energy Agency is now the second public body to independently aid Minesto in bringing its product to the market.

Just recently, Minesto announced a EUR-2.5-million (USD 2.8m) EU grant to install its technology in the Faroe Islands for utility customer SEV. The latter has committed to buy the output of two DG100 devices under a power purchase agreement (PPA). The long-term ambition of the pair is to install up to 70 MW of power generating capacity in the Faroe Islands.

(SEK 1.0 = USD 1.053/EUR 0.940)

(EUR 1.0 = USD 1.119)

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