Minesto develops moored ocean energy systems and the unique tether/mooring technology that anchors its powerplants to the seabed. The company is advancing a next-generation mooring system and will use a 2.8 MSEK grant from the Swedish Energy Agency to support development and testing. The work is co-funded through a project under the CETPartnership (Clean Energy Transition Partnership) program and is coordinated by RISE Research Institutes of Sweden. The project includes collaboration with Swedish, Spanish and French partners to optimize tethering solutions. Minesto says the effort will advance performance, reliability and overall competitiveness of this core system. CEO Dr Martin Edlund stated the investment strengthens the company’s technology base and collaboration with key partners and suppliers. Minesto develops the patented Deep Green marine energy system, designed to cost‑effectively extract renewable power from relatively slow ocean and tidal currents. The company says Deep Green is the only proven technology able to do this at competitive cost. The current development focus is on a full‑scale Deep Green model, for which KIC InnoEnergy has provided follow‑on funding. Minesto has previously secured major support for commercial rollout, including a €13M commitment from the European Regional Development Fund via the Welsh European Funding Office. The company was founded in 2007 and maintains offices in Göteborg, Holyhead (Wales) and Portaferry (Northern Ireland). Major shareholders include BGA Invest and Midroc New Technology. Minesto's core product is Deep Green, a patented marine power plant designed to operate cost-efficiently in low-velocity tidal and ocean currents. The company is working to develop a next-generation Deep Green power plant with improved performance, longer life expectancy and greater reliability to reduce electricity generation costs from tides and currents. Minesto and eight partners secured a €5.1m Horizon 2020 grant for the PowerKite project to improve robustness and performance; the project will run for 30 months. The consortium includes Laborelec (Engie), Chalmers University of Technology, Midroc Project Management AB, SSPA Sweden AB, UW-Elast, Moorlink Solutions AB, Applied Computing & Engineering Limited and Queen's University Belfast. Minesto was listed on NASDAQ First North in Stockholm, which provided a €15.5m capital injection; it also received €13m from the European Regional Development Fund through the Welsh Government and €3.5m from KIC InnoEnergy. Overall the company received circa €37m in investments in 2015 to accelerate its commercial rollout and development efforts.

Total raised

$7M

Funding rounds

3

Latest round

Grant

Latest activity

Feb 2024