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UPDATE - Minesto gets EUR-2.4m EU grant for French tidal project

Minesto's DG500 tidal power device. Source: Minesto

October 16 (Renewables Now) - Swedish marine energy developer Minesto AB has won a grant of EUR 2.4 million (USD 2.6m) to manufacture, install and operate a DG100 tidal energy subsea kite at a grid-connected test site off the French coast.

Minesto’s project is part of the so-called EUR-46-8 million Tidal Stream Industry Energiser Project (TIGER) in the Channel region, which will get EUR 28 million in financing from the EU-funded Interreg VA France (Channel) England Programme, through the European Regional Development Fund.

The Swedish firm will deploy its device at the grid-connected Paimpol-Brehat test site off Brittany that is operated by French electric utility EDF SA (EPA:EDF). The project aligns with Minesto’s product commercialisation roadmap, according to CEO Martin Edlund.

The TIGER project, meanwhile, is led by the UK’s Offshore Renewable Energy (ORE) Catapult and, in addition to Minesto and EDF, includes companies such as Orbital Marine Power, the European Marine Energy Centre (EMEC) and SIMEC Atlantis Energy Ltd (LON:SAE). The total number of partners is 19 and they are meeting today, October 16, to initiate the project.

The goal of TIGER is to drive the growth of tidal stream energy by installing up to 8 MW of capacity at sites in and around the Channel region, the total theoretical tidal energy capacity of which approaches 4 GW.

(EUR 1.0 = USD 1.104)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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