European investor in clean energy InnoEnergy has awarded an additional €1 million for the commercialization of Minesto’s Deep Green tidal energy technology.
The latest investment makes Minesto the largest beneficiary of InnoEnergy’s ocean energy financing, according to the Swedish developer.
InnoEnergy is owned by the European utility companies and is supported by the European Institute of Innovation & Technology (EIT).
According to the InnoEnergy, including the latest €1 million injection, it has invested €5.5 million in Minesto, and the development of Deep Green technology, which is a patented concept converts low-flow tidal streams and ocean currents to clean electricity.
Martin Edlund, CEO of Minesto, said: “This investment underlines the role of ocean energy by Minesto’s technology in the global transition to a renewable energy system. It’s a clear sign of confidence from InnoEnergy in the capabilities of our organization, and in the potential our disruptive clean energy technology.
“As a major investor in Minesto, InnoEnergy has played a crucial role to the company so far. The power of InnoEnergy and its ecosystem of key energy sector stakeholders are a tremendous asset to us.”
Diego Pavia, CEO of InnoEnergy, added: “The transition to a more sustainable future must include a variety of clean energy technologies and ocean energy is the next frontier for the energy sector. We have great confidence in the technology, the company, the performance shown so far and Minesto’s plan for taking the product to the market.”
Having invested more than €170 million in innovation projects in the energy sector, InnoEnergy is a European powerhouse in supporting and bringing new ideas and products to the market.