Minesto obtains EUR-14.9m EU grant to support Welsh activities

Minesto's DG500 tidal power device. Source: Minesto

May 31 (Renewables Now) - Swedish marine energy developer Minesto AB has won a EUR-14.9-million (USD 16.6m) EU grant to support the next phase of its tidal energy project in Wales, it announced today.

The European Regional Development Fund grant was awarded to Minesto through the Welsh government. The financing will facilitate continued site development and activities at the Swedish firm’s Holyhead Deep site, about 6 km off the coast of Anglesey. In addition, it will allow Minesto to enhance its utility-scale product range, install an uprated device at the site and bolster manufacturing and assembling capability.

The developer of the subsea kite technology called Deep Green also intends to secure permits and consents to expand the Holyhead Deep site towards an 80-MW commercial tidal energy farm and the fresh funds will enable it to design subsea infrastructure for that project.

Minesto previously got EUR 13 million from the European Regional Development Fund through the Welsh European Funding Office along with EUR 5.5 million from InnoEnergy.

(EUR 1.0 = USD 1.113)

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