June 22 (Renewables Now) - Swedish tidal energy company Minesto AB will obtain a EUR-50,000 (USD 58,300) grant from the European Union (EU) to conduct a feasibility study to commercialise its marine energy converter technology.
The feasibility study will be for off-grid installations of Minesto’s marine energy converter DG100, which uses its Deep Green kite turbine technology. Its commercialisation is part of the process in the industrial rollout of Minesto’s utility scale systems.
The grant funding was awarded following a competitive selection that attracted 2,148 of applications from small and medium-sized enterprises (SME) in addition to the one from Minesto. It was awarded under Phase 1 of the European Commission’s (EC) Horizon 2020 SME Instrument programme, which supports innovative ideas, products and services.
Phase 2 of the programme will back innovation development and demonstration processes with grants of between EUR 500,000 and EUR 2.5 million.
(EUR 1.0 = USD 1.167)