Wave energy developer Minesto receives additional KIC InnoEnergy financing

Sustainable energy think tank KIC InnoEnergy has pledged a further US$1.13 million to marine energy company Minesto to help finance development of its Deep Green technology.

HydroWorld.com reported in September that KIC InnoEnergy had made an investment of about $3.84 million into Minesto, following an initial collaboration that began in 2014.

“Since the beginning of our cooperation with Minesto, we have followed the company’s development closely, KIC InnoEnergy CEO Mikel Lasa said. “The reason why we decided to invest in the Deep Green technology last fall was that it corresponds well with our mission to support European innovations in the field of sustainable energy.

“We are pleased with the progress Minesto has made to develop the business so far and the positive work on their first full-scale plant.”

In return for its financing, KIC InnoEnergy will receive warrants in Minesto as the funds are invested.

Minesto is working to ready the Deep Green units for deployment at Holyhead Deep near Andlesey, Wales, in 2017. The company previously said the site will launch with a commercial-scale 0.5-MW power plant, with plans to expand to 10 MW.

Minesto was awarded a US$14.8 million investment from the European Regional Development Fund for Deep Green’s commercial rollout in May 2014, which helped lead to an order with Schottel Hydro to manufacture a prototype unit in April.

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Michael Harris formerly was Editor for HydroWorld.com.

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