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:
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.
