In May 2015, Minesto secured an offer of a 13 million grant from the European Regional Development Fund (ERDF) through the Welsh European Funding Office (WEFO), part of the Welsh Government. Brexit does not affect Minesto’s EU project, which is now in the delivery phase, to demonstrate its first full-scale device of its subsea tidal kite technology called Deep Green off the coast of Anglesey.
“During the period when Britain negotiates the conditions for leaving the EU, the question marks for every overseas business looking to invest in the UK will gradually be answered” said Dr Martin Edlund, CEO of Minesto, discussing the outcome of the British EU referendum. “What we do know now is that our financial support from WEFO remains in place. This EU-funded project has already seen several new jobs created in Holyhead, and Minesto is fully committed to develop our first tidal energy array and to build our future assembly facilities in North Wales.”
Mr Edlund added that Britain has the potential to lead a new export industry in marine energy, as it is one of the country’s most promising emerging industries with significant growth potential. Minesto believes that the political will and different forms of market support will remain in place and advance. The UK is also one of many internationally promising markets for Minesto’s Deep Green technology and the company has been working for many years to develop market opportunities in a number of countries where the technology has great potential. This work will now be intensified according to the company’s current plans, with continued development of its operations in Wales.
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