Minesto secures marine energy funding

Funding will ensure that its first commercial scale power plant is installed in 2017

Marine energy company Minesto has secured €3.5 million funding from KIC InnoEnergy, a European company promoting innovation, entrepreneurship and education in sustainable energy.

Minesto’s tidal power plant, called Deep Green, resembles an underwater kite and is based on an innovative new approach for generating electricity from tidal and ocean currents. The technology has been producing electricity in the waters off Northern Ireland for more than two years.

The funding will ensure that its first commercial scale power plant is installed in 2017 in co-operation with partners McLaughlin & Harvey and KTH Royal Institute of Technology in Stockholm.

Mikel Lasa, chief executive of KIC InnoEnergy Iberia, said: “Minesto has proven the technology and has a capable team to commercialise this step change product.

“We see Deep Green as one of the few marine energy converters that can be cost competitive in the short term. For us, it is a strategic investment and we look forward to promote and support the company Minesto to become a leading actor within the marine energy sector.”

Minesto secured a €13M investment from the European Regional Development Fund through the Welsh Government earlier this year, hence they can become one of the first companies in the world to reach a commercial scale tidal array.