KIC InnoEnergy invests an additional EUR 1 million in Minesto
KIC InnoEnergy, the European company for innovation, business creation and education in the field of sustainable energy, is expanding its involvement in Minesto, a leading developer of renewable energy from slow ocean and tidal currents. KIC InnoEnergy has awarded an additional EUR 1 million in the development of Minesto’s unique Deep Green technology.
KIC InnoEnergy promotes entrepreneurship, innovation and education in sustainable energy. Minesto and KIC InnoEnergy entered into a collaboration in 2014. In September 2015, KIC InnoEnergy made their largest investment in marine energy of EUR 3.5 million to support the development of Minesto’s unique tidal technology known as Deep Green, which is the only proven technology that can extract energy from low-velocity tidal and ocean currents in a cost effective way.
KIC InnoEnergy has now decided to expand its involvement in Minesto by funding an additional EUR 1 million for further development. In return, KIC InnoEnergy will receive warrants in Minesto AB as the funds are invested. The extended funding by KIC InnoEnergy is intended for the 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. 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”. Commenting on the investment, Mikel Lasa, CEO of KIC InnoEnergy Iberia also stated: “Given the ever-growing demand for clean energy, we have decided to invest an additional EUR 1 million in the further development of Deep Green”.
“The investment from KIC InnoEnergy is not only exiting but is a clear signal of the confidence they have in the Deep Green solution. It clearly shows the strength of our business case and partnership. The Deep Green product has a global market potential and we are making good progress on the road to get there”, said Martin Edlund, CEO of Minesto.
For additional information please contact:
Dr Martin Edlund
CEO, Minesto AB
031-29 00 60
Aspectus PR, London
+44 (0) 20 7242 8867
Minesto is a marine energy technology company whose mission is to minimize the global footprint of the energy industry by enabling commercial power production from low velocity tidal and ocean currents.
Minesto’s award winning and patented product, Deep Green, is the only proven marine power plant that operates cost efficiently in areas with low velocity 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 offices in Gothenburg, Sweden, Holyhead, Wales and Portaferry, Northern Ireland. The major shareholders in Minesto are BGA Invest and Midroc New Technology. G&W Fondkommission is Minesto’s Certified Advisor. Read more about Minesto at www.minesto.com
Images of Minesto’s management team and Deep Green are available to download from Minesto’s website .
Follow Minesto on Twitter: @MinestoAB .
About KIC InnoEnergy
KIC InnoEnergy is the innovation engine for sustainable energy across Europe.
The challenge is big, but our goal is simple: to achieve a sustainable energy future for Europe. Innovation is the answer. New ideas and new solutions and products that make a real difference, new businesses and new people to deliver them to market.
At KIC InnoEnergy we support and invest in innovation at every stage of the journey – from classroom to customers. With our network of partners we build connections across Europe, bringing together inventors and industry, entrepreneurs and markets, graduates and employers, researchers and businesses.
We work in three essential areas of the innovation mix:
- Education to help create an informed and ambitious workforce that understands what sustainability demands and industry needs – for the future of the industry.
- Product innovation to bring together ideas, inventors and industry in collaboration to enable commercially viable products and services that deliver real results.
- Business creation to help entrepreneurs and start-ups who are creating sustainable businesses to grow rapidly to contribute to the global energy ecosystem.
Together, our work creates and connects the building blocks for the sustainable energy industry that Europe needs.
Read more at www.kic-innoenergy.com