Swedish ocean energy developer Minesto has received the European Commission's Strategic Technologies for Europe Platform (STEP) Seal for its proposed Euro Dragon Farm tidal kite array in Ireland, which highlights the project's contribution to the objectives of the EU's ambitions for better energy security, resilience and industrial competitiveness.
This follows the project's recent selection by the European Commission to enter Grant Agreement Preparation (GAP) for funding of €20.2 million under the EU Innovation Fund - a grant that will cover 60% of the needed investment for the proposed Euro Dragon Farm.
According to Minesto, the STEP Seal recognition underlines Euro Dragon Farm's alignment with Europe's efforts to strengthen its clean technology capabilities and industrial competitiveness.
To be located in Irish coastal waters, the 10 MW Euro Dragon Farm is the EU's first Dragon Farm tidal energy project.
As for other recent news coming from Minesto, the Swedish firm last month signed a memorandum of understanding (MoU) with Morteza Capital, a Maldives- and Indian Ocean-focused investment and development firm, to develop commercial tidal energy opportunities in the Maldives.