“This grant underscores Minesto’s ability and industry-leading track record in obtaining public funding support from the EU”, said Dr Martin Edlund, CEO of Minesto. “More importantly, it also shows that the European Commission acknowledges and supports our market entry approach based on initial small-scale installations and early-stage customer involvement.”
Supported by potential customers and partners in the Faroe Islands, France and Belgium, Minesto’s proposal was one of the few selected by the European Commission in competition with 2,148 other applications from small and medium-sized enterprises (SME) in 43 countries.
The awarded phase 1 grant of €50,000 will be used for a feasibility study of commercial Island Mode (off grid) installations of Minesto’s marine energy converter DG100. In addition to composing a commercial product that will enable faster market entry and volume scale-up, the DG100 system also serves a key role in the commercialisation and industrial rollout of Minesto’s utility scale systems, which target the company’s main market of large-scale array installations.
SME Instrument is part of the European Commission’s research and development programme Horizon 2020 and supports ground-breaking innovative ideas for products, services or processes that are ready to conquer global markets. Highly innovative small and medium-sized enterprises with a clear commercial ambition and a potential for high growth and internationalisation are the prime target.
The SME Instrument is divided in different phases with €50,000 grants for feasibility assessment purposes available in phase 1. In phase 2, grants in the range of €500,000–€2.5m or more are available for innovation development and demonstration purposes.
“We are looking forward to compete for the SME Instrument phase 2 together with utility customers”, said Dr Martin Edlund.