On Sept. 25, marine hydrokinetic (MHK) company Minesto announced it received a US$3.84 million capital investment from KIC InnoEnergy (KIC IE), making it the largest-ever single investment by KIC IE in the MHK energy market.
Deep Green, Minesto’s tidal power plant, resembles an underwater kite and is based on a new approach for generating electricity from tidal and ocean currents. The European Regional Development Fund awarded Minesto US$14.6 million in May through the Welsh Government for Deep Green’s commercial roll out.
KIC IE is a European company that promotes innovation, entrepreneurship and education in the sustainable energy field. It is financially supported by the European Institute of Innovation and Technology and, while a profit-oriented company, has a “not for dividend” financial strategy, reinvesting all its profits back into the organization’s activities.
“Funding Minesto is an effort to ensure the first commercial-scale power plant is installed in 2017 in co-operation with partners McLaughlin & Harvey and KTH Royal Institute of Technology in Stockholm,” KIC IE said. “Using ERDF funding should help Minesto become one of the first companies in the world to reach a commercial-scale tidal array.”
“KIC IE´s investment takes us one big step closer towards our vision of becoming one of the world leaders in marine energy,” said Anders Jansson, Minesto chief executive officer.
“The funding from KIC IE helps us offer a proven, demonstrated and innovative turn-key solution, applicable in a much wider range of European coastal waters [that have] global export potential.”
KIC IE views Deep Green as one of the few MHK devices that can be cost competitive in the short term.
“For us, it is a strategic investment and we look forward to promote and support Minesto to become a leading actor within the marine energy sector,“ said Mikel Lasa, CEO of KIC IE Iberia.
Deep Green has been producing electricity in the waters off Northern Ireland since 2012.