Minesto secures €2.5m European Commission funding for first customer project

Leading marine energy developer Minesto, one of the innovation projects supported by EIT InnoEnergy, has been awarded a €2.5 million grant from the European Commission’s SME Instrument programme. The awarded funding will support the installation of Minesto’s technology in the Faroe Islands together with the utility company SEV.

“This is great news for Minesto and our joint project with the utility customer SEV”, said Dr Martin Edlund, CEO of Minesto. “The EU community once again show trust and commitment to our technology and commercialisation roadmap.”

Minesto will receive a €2.5 million grant from EU’s SME Instrument Programme phase 2 for the development and operation of the company’s unique Deep Green technology in the Faroe Islands, where Minesto has engaged in a collaboration agreement with the main power generator and distributor SEV.

When matched with Minesto’s technology, the tidal current resource in the Faroe Islands will constitute a valuable share of the grid mix in a cost-effective and 100 percent renewable energy system by 2030. Following the first planned installations in Vestmannasund, the long-term ambition of the Minesto-SEV collaboration is a stepwise build-out up to 70MW installed capacity.

Minesto’s proposal for funding support from the SME Instrument phase 2 was selected for the maximum amount of funding in competition with 1,764 other applications from small and medium-sized enterprises in 35 countries.