KIC InnoEnergy has granted additional €1 million for the development of Minesto’s Deep Green tidal technology.
The European company for innovation, business creation and education in the field of sustainable energy, KIC InnoEnergy, is expanding its involvement in Minesto by providing the additional funding, for which the company will receive warrants in Minesto as the funds are invested.
Martin Edlund, CEO of Minesto, said: “The investment from KIC InnoEnergy is not only exiting but is a clear signal of the confidence they have in the Deep Green solution. It clearly shows the strength of our business case and partnership. The Deep Green product has a global market potential and we are making good progress on the road to get there.”
As reported earlier, KIC InnoEnergy made their largest investment in marine energy of €3.5 million to support the development of Minesto’s Deep Green technology back in September 2015.
Mikel Lasa, CEO of KIC InnoEnergy Iberia, said: “The reason why we decided to invest in the Deep Green technology last fall was that it corresponds well with our mission to support European innovations in the field of sustainable energy. We are pleased with the progress Minesto has made to develop the business so far and the positive work on their first full scale plant.”
The 500 kW Deep Green tidal power plant is planned for deployment in 2017 at the Holyhead Deep site off the coast of Anglesey, Wales.