Energia
Minesto Secures All Permits for Faroe Islands' Installations
The granted permits and consents cover two DG100 tidal kite systems which will be installed in Vestmannasund in a collaboration between Minesto and SEV. Minesto has been granted public funding totalling approx. €3.5 million through the EU's EIC Accelerator and the Swedish Energy Agency for the implementation of the Vestmannasund project and the development of the DG100 marine energy converter.
Earlier this month, Minesto announced that it is carrying out onshore commissioning testing of the DG100 tidal kite system and at the cable landing site in Vestmannasund, onshore infrastructure works are currently underway by SEV to enable the grid connection of Minesto's kites. In addition, Minesto also announced the establishment of a Faroese subsidiary which will facilitate and further develop ongoing and future installations of the company's marine energy converters in the Faroe Islands .
, said Martin Edlund .
Minesto is a leading 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.
With more than €40 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union's largest investment in marine energy to date.
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 Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission, email: ca@gwkapital.se , telephone: +46-8-503-000-50.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via bit.ly/Minesto_media.
Magnus Matsson
Head of Communications & Investor Relations
Minesto AB
+46-31-774-14-89
press@minesto.com
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https://news.cision.com/minesto-ab/r/minesto-secures-all-permits-for-faroe-islands--installations,c3078625
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