Minesto funding
Image credit: Minesto

Tidal energy solutions company Minesto has been awarded more than €1 million from Sweden’s Energy Agency to aid the ongoing development of the company's Deep Green turbine technology.

The €1.17 million grant will be used in part, for the further development of Minesto’s Deep Green 100 (DG100) 100kW commercial-scale turbine.

The first of these systems are to be installed on the Faroe Islands, situated in the North Atlantic, roughly halfway between Norway and Iceland, for which Minesto has already been offered further funding from the European Commission.

 “We now have two public bodies from the EU and Sweden that independently support the roadmap to bring our product to the market,” said Minesto chief executive Martin Edlund.

“In the Faroe Islands we are part of one of the world's most ambitious energy transition projects. It is the perfect context to show how tidal energy by Minesto's technology complements solar and wind to create sustainable energy systems,” he added.

The announcement follows less than two weeks after the company announced being awarded €14.9 million in government funding to support it's large-scale tidal power facility.