More funding for Minesto tidal power plant

Deep Green resembles an underwater kite and is based on a new approach for generating electricity from tidal and ocean currents. Minesto says its development is the only proven marine power plant that can generate electricity from low velocity tidal currents, which greatly increases the available resource for marine energy.

“The funding from KIC IE helps us to offer a proven, demonstrated and innovative turn-key solution, applicable in a much wider range of European coastal waters with global export potential,” said Anders Jansson, CEO of Minesto.

This recent investment pushes Minesto’s funding to €16.5m after it was given €13m from the European Regional Development Fund through the Welsh government earlier this year – a move that made it one of the first companies in the world to reach a commercial scale tidal array.

Deep Green has been producing electricity in the waters off Northern Ireland for more than two years now and has been hailed as a major breakthrough for the entire renewable energy industry.

“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,” added Mikel Lasa, CEO of KIC InnoEnergy Iberia.

Minesto will ensure the commercialisation with its partners McLaughlin & Harvey and KTH Royal Institute of Technology in Stockholm.

By Rachael Doyle