Commenting on the funding decision, Minesto's CEO Dr Martin Edlund said: "This is a key contribution to the commercialisation of our technology and a strong sign of commitment from the Welsh Government. We are pleased to see that we share an agenda to industrialise tidal energy in Wales, to enable large-scale local clean energy production from Welsh tidal streams. By doing so we will enable long-term industrial development in North Wales."
The 14.9 million European Regional Development Fund grant awarded through the Welsh Government will support the next phase of Minesto's commercial development in Wales. The investment will facilitate:
Counsel General and Brexit Minister, Jeremy Miles, responsible for overseeing European funds in Wales, said: "Generating energy from renewable sources is not only vital in creating a low-carbon economy and contributing to the global challenge of climate change, it also provides Wales with a real opportunity to be at the forefront of a major emerging industry."
Economy Minister and Minister for North Wales, Ken Skates added: "This significant investment will take Minesto's operation to the next level, supporting the expansion of the company's manufacturing and assembly capacity at its North Wales base. It's good news for jobs in the area, as well as a big boost to the local supply chain."
Listed on Nasdaq First North in Stockholm since 2015, Minesto has funded the development of its unique marine energy technology, a subsea kite technology called Deep Green, through a mix of private equity and public grants. Having previously received substantial support from the European Regional Development Fund through the Welsh European Funding Office ( 13m) and InnoEnergy ( 5.5m), Minesto and the Deep Green technology is the EU's largest investment in marine energy to date.
The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 07:00 on 31 May 2019.
Minesto is a marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean.
Minesto's award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.
In May 2015, Minesto secured a 13m investment from the European Regional Development Fund through the Welsh European Funding Office, for the commercial rollout of Deep Green.
Minesto was founded in 2007 and has operations in Sweden, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on the Nasdaq First North Stockholm stock exchange. Certified Adviser is G&W Fondkommission, email: [email protected], telephone: +46 8 503 000 50.
Press images and other media material is available for download via bit.ly/Minesto_media.