European sustainable energy innovation company KIC InnoEnergy is expanding its involvement in marine energy developer Minesto with an additional investment of 1 million euros.
Minesto is a leading developer of renewable energy from slow ocean and tidal currents and KIC InnoEnergy has now awarded the company 1 million euros to help develop its unique Deep Green technology. The two companies entered into a collaboration in 2014 with KIC InnoEnergy making its first investment in the Deep Green technology in September 2015. Deep Green is the only proven technology so far that can extract energy from low-velocity tidal and ocean currents in a cost effective way.
In return for its investment, KIC InnoEnergy will receive warrants in Minesto AB as the funds are invested. The extended funding will assist further development of the full-scale model of Deep Green.
“Since the beginning of our cooperation with Minesto, we have followed the company's development closely” said Mikel Lasa, CEO of KIC InnoEnergy Iberia. “The reason why we decided to invest in the Deep Green technology last fall was that it corresponds well with our mission to support European innovations in the field of sustainable energy. We are pleased with the progress Minesto has made to develop the business so far and the positive work on their first full scale plant”.
Martin Edlund, CEO of Minesto, added that the investment is a clear signal of the confidence KIC InnoEnergy has in Deep Green, clearly showing the strength of Minesto’s business case and the partnership between the two companies. Deep Green has a global market potential and Minesto is making good progress on the way to exploiting that potential.