European powerhouse and investor in clean energy InnoEnergy expands its involvement in Swedish marine energy developer Minesto. InnoEnergy has awarded an additional €1 million to the commercialisation of Minesto’s unique marine energy technology, making Minesto InnoEnergy’s largest investment in ocean energy.
“This investment underlines the role of ocean energy by Minesto’s technology in the global transition to a renewable energy system. It’s a clear sign of confidence from InnoEnergy in the capabilities of our organisation and in the potential our disruptive clean energy technology. As a major investor in Minesto, InnoEnergy has played a crucial role to the company so far. The power of InnoEnergy and its ecosystem of key energy sector stakeholders are a tremendous asset to us”, said Dr Martin Edlund, CEO of Minesto.
Having invested more than €170 million in innovation projects in the energy sector, InnoEnergy is a European powerhouse in supporting and bringing new ideas and products to the market. InnoEnergy is owned by the European utility companies and is supported by the European Institute of Innovation & Technology (EIT).
Including the latest €1 million injection, InnoEnergy has invested €5.5 million in Minesto and the development of the company’s unique Deep Green technology, which patented concept converts low-flow tidal streams and ocean currents to affordable, predictable and clean electricity. This makes the Swedish marine energy developer InnoEnergy’s largest investment in ocean energy.
Diego Pavia, CEO of InnoEnergy said: “The transition to a more sustainable future must include a variety of clean energy technologies and ocean energy is the next frontier for the energy sector. With its key technological advantages, Minesto’s marine energy technology can play a considerable role in this development. We have great confidence in the technology, the company, the performance shown so far and Minesto’s plan for taking the product to the market. To support this ambition, InnoEnergy has decided to invest a further €1 million in Minesto.”
InnoEnergy’s investment will be made on the same terms as their previous investments in Minesto AB. Details will be announced at the conclusion of the agreement.