Minesto joins acceleration program that backs entry into Southeast Asian market

Swedish tidal energy developer Minesto is taking part in an acceleration program that is set to strengthen its business capabilities in the Southeast Asia region.

Minesto has been awarded a place in the Business Acceleration Programme Southeast Asia (BAPSEA) joint program by the Swedish Energy Agency (SEA) and Business Sweden.

BAPSEA, which commences mid-March, is aimed at supporting Swedish companies with innovative solutions in energy and sustainability to enter the Southeast Asian market.

Through the 18-month program, Minesto will have access to resources, guidance, and networking opportunities with industry leaders, government officials, and potential partners in Southeast Asia.

“Being a part of the BAPSEA programme strengthens our ability to accelerate market progression in Southeast Asia. It also signals that our technology is regarded as a valuable contribution to the energy transition in one of the most challenging parts of the world, given the current dependence on fossil fuels,” said Martin Edlund, CEO of Minesto.

Minesto recently reported it was upgrading its roadmap to a 200 MW tidal energy buildout in the Faroe Islands as a response to the growing demand for renewable energy.

The news came shortly after the company’s 25-ton Dragon 12 tidal energy kite was commissioned in the early morning of February 9, delivering the first electricity to the national grid in the Faroe Islands.