Marine renewable energy company Minesto and eight partners have received US$5.5 million in financing through the EU Horizon 2020 research and innovation program.
The funds will be used to further develop MInesto's "Deep Green" technology within a project called "PowerKite", which aims to produce the next generation of Deep Green units.
"Succeeding in establishing development projects with leading players in Europe like this is a proof of the interest in our product and our ability to establish large projects," Minesto CEO Anders Jansson said. "Being able to take part in this effort on marine energy, by the EU, is of course highly pleasing, motivating and extremely important."
The Swedish company said it hopes to increase Deep Green units' performance, improve life expectancies and reliability, and further reduce their cost.
The PowerKite project is slated to last 30 months, during which time partners Engie-subsidiary Laborelec, Chalmers University of Technology, Midroc Project Management AB, SSPA Sweden AB, UW-Elast, Moorlink Solutions AB, Applied Computing & Engineering Ltd. and Queens University Belfast will also participate.
"We have been involved in the marine energy sector for a number of years and we are delighted to be part of the PowerKite project," Laborelec project manager Ana Novak said. "The Deep Green technology is focusing on providing a cost-efficient use of low-velocity tidal streams, which could be beneficial for the tidal sector as a whole."
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.
HydroWorld.com reported in November that Minesto had signed an agreement to supply hydrokinetic turbine components to Schottel Hydro.
The company was awarded a US$14.8 million investment from the European Regional Development Fund for Deep Green's commercial rollout in May.
Minesto said the Holyhead Deep site will launch with a commercial-scale 0.5-MW power plant. The array will ultimately have a cumulative capacity of 10 MW.
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