Europe, Finance, Marine Energy

Minesto awarded €1 million in funding for commercial tidal turbine

Minesto has been awarded a €1.17 million (US$1.31 million) grant from Sweden’s Energy Agency to aid the ongoing development of the company’s Deep Green turbine technology.

The grant will be used in part for the further development of the Deep Green 100 (DG100) 100-kW commercial-scale turbine. The first of these systems are to be installed on the Faroe Islands in Denmark, for which Minesto has already been offered further funding from the European Commission. Earlier this month, the EC’s SME Instrument program awarded the developer a €2.5 million (US$2.8 million) grant.

“We now have two public bodies from the EU and Sweden that independently support the roadmap to bring our product to the market,” said Minesto Chief Executive Martin Edlund. “In the Faroe Islands we are part of one of the world’s most ambitious energy transition projects. It is the perfect context to show how tidal energy by Minesto’s technology complements solar and wind to create sustainable energy systems.”

This article was first published on Smart Energy International and was reprinted with permission. 

Click here for an explanation of Minesto’s technology.

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