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The deployment of Deep Green in Strangford Lough, Northern Ireland
The deployment of Deep Green in Strangford Lough, Northern Ireland © Minesto

KIC makes major ocean energy investment

29/09/15Energy

Marine energy company Minesto has announced it has received a €3.5m grant from KIC InnoEnergy (KIC IE), the largest single investment by the KIC in the field of ocean energy.

The funding will be directed towards ensuring that the first commercial scale power plant is installed in 2017 in co-operation with project partners McLaughlin & Harvey and KTH Royal Institute of Technology in Stockholm.

Anders Jansson, CEO of Minesto, based in Sweden, described the investment as valuable. He commented: “The funding from KIC IE helps us to offer a proven, demonstrated and innovative turn-key solution, applicable in a much wider range of European coastal waters with global export potential.”

Minesto’s tidal power plant, entitled Deep Green, resembles an underwater kite and is based on an innovative new approach for generating electricity from tidal and ocean currents. Deep Green is the only proven marine power plant that can generate electricity from low velocity tidal currents, which greatly increases the available resource for marine energy. The power plant has been producing electricity in the waters off Northern Ireland for over two years, and has been hailed as a major breakthrough for the renewable energy industry.

Adding his thoughts, Mikel Lasa, chief executive of KIC InnoEnergy Iberia, which is making the investment, said: “Minesto has proven the technology and has a capable team to commercialise this step change product.

“We see Deep Green as one of the few marine energy converters that can be cost competitive in the short term. For us, it is a strategic investment and we look forward to promoting and supporting the company Minesto to become a leading actor within the marine energy sector.”

Earlier this year, Minesto secured a €13m investment from the European Regional Development Fund through the Welsh Government.

Pan European Networks Ltd