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Minesto wins 14.9 million euros of EU funding

Posted on 13 Jun 2019 and read 1525 times
Minesto wins 14.9 million euros of EU fundingThe Welsh government has awarded marine-energy developer Minesto 14.9 million euros of European Union funding for the next phase of its tidal-energy scheme in Wales.

Minesto’s CEO, Martin Edlund, said: “This is a key contribution to the commercialisation of our technology and a strong sign of commitment from the Welsh government.

“We are pleased to see that we share an agenda to industrialise tidal energy and to enable large-scale local clean-energy production from Welsh tidal streams.”

The new investment will be used to fund: continued site development and operations at Minesto’s Holyhead Deep site 6km off the coast of Anglesey; the enhancement of the company’s utility-scale product range; the installation and operation of an uprated (at least 50% higher than the current 0.5MW system) unit in Holyhead Deep; a strengthened manufacturing and assembling capability; securing permits and consents for expanding the Holyhead Deep site towards a commercial 80MW tidal energy farm; and the design of sub-sea infrastructure for the 80MW site development.

Ken Skates, Economy Minister and Minister for North Wales, said: “This significant investment will take Minesto’s operation to the next level, supporting the expansion of the company’s manufacturing and assembly capacity at its North Wales base.

“It’s good news for jobs in the area, as well as a big boost to the local supply chain.”

Minesto (www.minesto.com) has funded the development of its unique marine-energy technology — a sub-sea kite technology called Deep Green — through a mix of private equity and public grants.

It has previously received substantial support from the European Regional Development Fund through the Welsh European Funding Office (13 million euros) and InnoEnergy (5.5 million euros).