Minesto Secures KIC InnoEnergy Funding for Deep Green

Marine energy company Minesto, recently given a €13M investment from the European Regional Development Fund through the Welsh Government, announced that they have received an additional €3.5M from KIC InnoEnergy.

The funding is dedicated to ensure that the first commercial scale power plant is installed in 2017 in co-operation with partners McLaughlin & Harvey and KTH Royal Institute of Technology in Stockholm.

“KIC IE´s investment takes us one big step closer towards our vision of becoming one of the world leaders in marine energy,” said Anders Jansson, CEO of Minesto. “The funding from KIC IE helps us to offer a proven, demonstrated and innovative turn-key solution, applicable in a much wider range of European coastal waters with global export potential.”

“KIC InnoEnergy have decided to invest in the Deep Green technology developed by Minesto as it strongly complies with our vision to make Europe sustainable. Minesto has proven the technology and has a capable team to commercialise this step change product. We see Deep Green as one of the few marine energy converters that can be cost competitive in the short term. For us, it is a strategic investment and we look forward to promote and support the company Minesto to become a leading actor within the marine energy sector,“ said Mikel Lasa, CEO of KIC InnoEnergy Iberia.

Minesto’s tidal power plant, called Deep Green, resembles an underwater kite. Deep Green can generate electricity from low velocity tidal currents which increases the available resource for marine energy. Deep Green has been producing electricity in the waters off Northern Ireland for more than two years now.