Photo: Minesto's tidal energy converter DG100 being towed out to the Vestmannasund site, Faroe Islands (Courtesy of Minesto)

Minesto and Schneider Electric form alliance to commercialize marine energy

Marine energy developer Minesto and Schneider Electric have signed a memorandum of understanding to work together to develop and build ocean energy farms based on Deep Green technology.

Photo of Minesto's tidal energy converter DG100 being towed out to the Vestmannasund site, Faroe Islands (Courtesy of Minesto)
Minesto’s tidal energy converter DG100 being towed out to the Vestmannasund site, Faroe Islands (Courtesy of Minesto)

The collaboration between Minesto and Schneider Electric aims at accelerating the commercial roll-out of marine energy to enable the global transition towards net-zero societies, where energy systems that include plannable, renewable energy production are necessary.

To leverage the value proposition of ocean energy to customers, Minesto and Schneider Electric will engage with lead-users among independent power producers and electric utilities and integrate Schneider Electric’s know-how and products with Minesto’s tidal and ocean current energy technology.

Projects ranging from smaller microgrid installations to multimegawatt farms will be jointly identified, assessed, and developed, including exploiting the parties’ existing pipelines of leads.

The collaboration will reach from technical system integration and project management to sales and project finance opportunities.

Martin Edlund, CEO of Minesto, said: “We are delighted to join forces with Schneider Electric, a global leader in energy transition and digital transformation. It is for us a strategic partnership that will play a pivotal role in the commercial rollout of the Deep Green technology. Schneider Electric’s global presence, technological edge and expertise in integration of renewable energy production and microgrids will significantly enhance Minesto’s value proposition to customers and renewable energy project investors.

“Beyond this, we will work to use this partnership to establish thought leadership and inform decision-makers on the opportunities and advantages of new complementary renewable energy technologies, not least building completely sustainable energy systems based on predictable baseload power generation from the ocean”.

Gary Lawrence, Power and Grid Segment President at Schneider Electric, said: “We look forward to working with Minesto to bring ocean energy into the global renewable energy mix, balancing variable renewables with predictable, renewable baseload. For us it has been of significant importance to enter the marine energy sector together with a partner developing a game-changing technology with both a global market and a potential for energy production at competitive cost of energy”.

Matthieu Mounier, Head of Microgrid at Schneider Electric, said: “Users and producers of energy increasingly demand sustainable solutions to reach their carbon reduction objectives while enhancing business resilience. Tidal and ocean current-based renewable energies are expecting to significantly contribute to the achievement, for both energy communities and remote users”.