Minesto Reels In $260K Government Grant for Tidal Energy Moorings

Thursday, February 8, 2024

Swedish tidal energy company Minesto has secured a $267,000 grant (SEK 2.8 million) from the Swedish Energy Agency to upgrade its mooring system.

The grant will support the development and testing of the next generation mooring system by co-funding a project through which Minesto will advance performance of its tether system that moors the powerplant to the seabed.

The funding is part of the CETPartnership (Clean Energy Transition Partnership) program and include collaboration with Swedish, Spanish and French partners, in coordination by RISE Research Institutes of Sweden:

“We are very pleased that the Swedish Energy Agency continues its support for Minesto. This investment strengthens our technology-base in a core competitive area in collaboration with key partners and suppliers”, said Dr Martin Edlund, CEO of Minesto.

Minesto is making final preparations for the deployment of its utility-scale tidal energy kite, dubbed the Dragon 12, offshore Faroe Islands.

The device, rated at 1.2MW, will be deployed at the Vestmannasund site, which has been prepared with the necessary subsea electrical infrastructure to support the electricity production.

Categories: Technology Offshore Energy Renewable Energy Subsea Industry News Activity Europe Tidal Energy

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