Energia
Minesto Enters Formal Planning Phase With Welsh Government for Second Stage of Public Funding
The Welsh Government has confirmed that it will engage with Minesto in advanced business planning for the second stage of public funding for Minesto's tidal energy project in Holyhead Deep off Anglesey, North Wales .
", said Dr Martin Edlund , CEO of Minesto.
Minesto has submitted a project proposal, which includes a grant amounting to €11.2 million from the European Regional Development Fund (ERDF), for the next phase of the project in Holyhead Deep. The project scope includes continuous operation and power production with Minesto's DG500 tidal energy converter that was commissioned in the Autumn 2018, upgrades and optimisation of the company's Utility Scale product range and installation and operation of an additional utility-scale device at the Holyhead Deep site.
, said Martin Edlund .
Peter Ryland , CEO of Welsh European Funding Office, part of Welsh Government said:
The Welsh Government's final funding decision is expected to come in the Spring 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, with G&W Fondkommission as Certified Adviser, telephone +46 8-503 000 50.
Magnus Matsson
Communications Manager, Minesto AB
+46-31-774-14 89
press@minesto.com
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via bit.ly/minestomedia.
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