Energia
European Investor InnoEnergy Expands its Involvement in Minesto With €1M Investment
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:
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.
Magnus Matsson
Communications Manager, Minesto AB
+46-31-774-14-89
press@minesto.com
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.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via bit.ly/minestomedia.
InnoEnergy is the innovation engine for sustainable energy across Europe supported by the European Institute of Innovation and Technology.
We support and invest in innovation at every stage of the journey – from classroom to end-customer. With our ecosystem of 400+ partners, we build connections across Europe , bringing together inventors and industry, graduates and employers, researchers and entrepreneurs, businesses and markets.
Read more about InnoEnergy on www.innoenergy.com
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