Marine energy firm Minesto wins $2.8m for Denmark project

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Altered Energy – Alternative Energy news

Swedish marine energy developer Minesto has been awarded a €2.5m ($2.8m) grant from the European Commission’s SME Instrument programme.

The funding will support the installation of Minesto’s kite-turbine technology called Deep Green in the Faroe Islands in Denmark together with local utility company SEV.

This is great news for Minesto and our joint project with SEV”, said Minesto chief executive Dr Martin Edlund.The EU community once again show trust and commitment to our technology and commercialisation roadmap.”

Minesto says that when matched with its technology, the tidal current resource in the Faroe Islands will “constitute a valuable share of the grid mix in a cost-effective and 100 per cent renewable energy system by 2030”.

Following a first planned installation in Vestmannasund, the long-term ambition of the Minesto-SEV collaboration is a build-out up to 70 MW of installed capacity.

SME Instrument is part of the European Commission’s European Innovation Council and supports innovative ideas for products, services or processes.

Minesto was founded in 2007 as a spin-off from Swedish aerospace manufacturer Saab. Since then it has developed its Deep Green technology and has operations in Sweden, Wales, Northern Ireland and Taiwan.
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