Minesto receives funding for next-generation mooring system

The Swedish Energy Agency has awarded Minesto with 2.8M SEK (approximately $267,000) to support the development and testing of a mooring system for ocean energy deployment.

The grant co-funds a project through which Minesto will advance the performance of the next-generation tether system that moors the powerplant to the seabed.

The funding will be used to continue the optimization of tethering solutions with the aim of further leveraging the reliability and performance of the system.

The agency’s funding is a part of the Clean Energy Transition Partnership (CETPartnership) program, which includes collaboration with Swedish, Spanish, and French partners, in coordination with the Research Institutes of Sweden (RISE).

“We are very pleased that the Swedish Energy Agency continues its support for Minesto. This investment strengthens our technology-base in a core competitive area in collaboration with key partners and suppliers”, said Martin Edlund, CEO of Minesto.

To remind, in January, Minesto carried out the Launch and Recovery System (LARS) method for the 1.2 MW, 25-ton Dragon 12 tidal energy kite in Vestmannsund, Faroe Islands.

The ongoing commissioning process of Dragon 12 at the site is progressing toward achieving electricity production objectives.