ocean energy

Welsh Government Awards €14.9 Million in Funding to Minesto

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The Welsh Government has awarded €14.9 million of EU funding for the next phase of Minesto’s tidal energy scheme in Wales.
Welsh Government Awards €14.9 Million in Funding to Minesto
Courtesy of Minesto

Commenting on the funding decision, Minesto’s CEO Dr. Martin Edlund, said, “This is a key contribution to the commercialization of our technology and a strong sign of commitment from the Welsh Government. We are pleased to see that we share an agenda to industrialize tidal energy in Wales, to enable large-scale local clean energy production from Welsh tidal streams. By doing so we will enable long-term industrial development in North Wales.”

The investment will facilitate:

  • Continued site development and operations at Minesto’s Holyhead Deep site 6km off the coast of Anglesey.
  • Enhancement of Minesto’s utility-scale product range.
  • Installation and operation of an additional, uprated (at least 50 percent higher than current 0.5MW system) unit in Holyhead Deep.
  • Strengthened manufacturing and assembling capability.
  • Securing permits and consents for expanding the Holyhead Deep site towards a commercial 80 MW tidal energy farm.
  • Design of subsea infrastructure for the 80MW site development.

Counsel General and Brexit Minister, Jeremy Miles, responsible for overseeing European funds in Wales, said, “Generating energy from renewable sources is not only vital in creating a low-carbon economy and contributing to the global challenge of climate change, it also provides Wales with a real opportunity to be at the forefront of a major emerging industry.”

Listed on Nasdaq First North in Stockholm since 2015, Minesto has funded the development of its unique marine energy technology, a subsea kite technology called Deep Green, through a mix of private equity and public grants. Having previously received substantial support from the European Regional Development Fund through the Welsh European Funding Office Minesto’s Deep Green technology is the EU’s largest investment in marine energy to date.

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