Marine energy technology company Minesto names new CFO, COO

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Marine energy developer Minesto announces that Fredrick Ahlstrom is chief financial officer, taking the place of Charlotta Ekman, who is now chief operating officer.

Ahlstrom will lead the company’s financial planning and capitalization during the development and commercialization of business but also be responsible for the company’s financial administration and reporting. Previously, he was CFO of Sibelco Nordic, a provider of industrial minerals.

Ekman has been with Minesto since 2008. Formerly, she co-founded and was CEO of Ecoera, a bioenergy company.

“I am very enthusiastic about continuing my work at Minesto in my new role as COO,” Ekman said. “I look forward to tackling and managing the challenges in the company’s continued journey.”

Minesto, developer of the Deep Green plant, was recently awarded a €13 million (US$14.8 million) investment from the European Regional Development Fund for the commercial rollout of Deep Green in Holyhead, Wales. According to a press release, Minesto will install a commercial-scale 0.5-MW power plant and continue with additional deployments in what will eventually be an array with a total capacity of 10 MW, expected to be operational in 2019. A quarter-scale prototype of Deep Green is producing electricity in the waters off Strangford Lough, Northern Ireland.

Minesto describes the Deep Green system as an "underwater kite, comprised of a wing and a turbine which is secured to the seabed with a tether." The unit then "moves with great speed in an 8-shaped path in the tidal or ocean current," thus spinning the turbine and generating power.

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