Commenting on the milestone, Minesto’s CEO Dr. Martin Edlund, said, “It is a world’s-first achievement that confirms the functionality of our patented concept at utility scale while it also reassures the fact that our technology expands the ocean energy potential and forms an essential complement to established renewables.”
Using the same principle as flying a stunt kite across the wind, Minesto’s marine energy kite flies across the underwater current, significantly enhancing the water flow speed through the turbine. This makes Minesto’s product commercially viable in globally extensive sea areas where no other known, verified technologies can operate cost effectively.
“With our light-weight system we exploit low-flow currents, offering energy players globally a secure and affordable way to produce renewable baseload power”, said Edlund.
Listed on Nasdaq First North Stockholm since 2015, Minesto has funded the development of its Deep Green technology through a mix of private equity and public grants. With substantial support from the European Regional Development Fund through the Welsh European Funding Office and InnoEnergy, Minesto and the Deep Green technology is the EU’s largest investment in marine energy to date.
Minesto will now continue with further testing before moving to the second commissioning phase to verify the power take-off system and electricity generation.
