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Minesto-led consortium awarded 25 MSEK grant to build a tidal energy power plant for baseload electricity production to microgrids
The total consortium project budget over two years is 56 MSEK, whereof 25 MSEK is grant funding from Swedish Energy Agency.
The project will deliver a complete product offer for a microgrid installation with integrated battery storage to offer a stand-alone base-load power plant to an island mode user. The microgrid offer addresses the global market for clean, reliable, and affordable renewable energy for remote and off-grid customers that are currently dependent on fossil fuels or have a shortage of electricity supply.
The project starts in August and will deliver a complete microgrid in 2026.
said Dr Martin Edlund , CEO of Minesto.
The total addressable microgrid market for tidal powerplants is estimated at 300 billion EUR . The market spans across small kW installations to multimegawatt installations. Minesto will be able to offer its tidal energy kites for large arrays also into this area without modifications, thus contributing to volumes and step-in business opportunities.
said Dr Martin Edlund , CEO of Minesto.
The Faroe Islands , like many remote island communities, face unique challenges in energy production and consumption. The islands are dependent on imported fossil fuels, making them vulnerable to price fluctuations and supply disruptions. At the same time, the islands possess vast untapped marine energy resources, especially tidal energy, that could offer a sustainable and locally sourced solution to meet growing energy demands.
Martin Edlund concludes.
Cecilia Sernhage, Chief Communications Officer
+46 (0)735 23 71 58
ir@minesto.com
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https://news.cision.com/minesto-ab/r/minesto-led-consortium-awarded-25-msek-grant-to-build-a-tidal-energy-power-plant-for-baseload-electr,c4170303
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