Welsh Government invests 13 million euros of EU funds in marine energy leader Minesto to start the commercial roll out of marine power plants in Wales

UK and Wales strengthen position as global leaders in marine renewable energy:

Marine energy company Minesto has been awarded a 13 million Euros investment from the European Regional Development Fund through the Welsh Government. The funding is part of the commercial roll out, including the establishment of Minesto UK Headquarters in North Wales and commissioning of the first commercial Deep Green power plant.

The EU funds will support a marine energy project in Holyhead Wales aiming to support an expansion of marine energy in Wales and UK. The Welsh Government manages the delivery of the EU Structural Funds programmes in Wales.

Minesto will install the first commercial scale 0.5MW power plant in Holyhead Deep and continue with additional deployments in what will eventually be an array with a total capacity of 10MW, expected to be operational in 2019. The 10MW array will supply electricity to the equivalent of 8,000 households and create significant employment opportunities in both the construction and operational phases.

“Establishing Minesto UK Headquarters in North Wales is a strategic decision that will help make Wales a global leader in the marine energy sector. In the short term, around 30  direct jobs will be created, followed by hundreds more in the long term in areas like manufacturing, offshore operations and new project development,” said Anders Jansson, CEO of Minesto. “Today’s announcement represents an important step into the full commercialisation of marine energy in Wales.”

The Welsh Government has been working with Minesto over a number of years on feasibility studies to help bring this investment to North Wales.

First Minister, Carwyn Jones, said: “I am delighted that this EU funds investment has helped pave the way for Minesto to set up its UK headquarters in North Wales which will create high quality jobs in what is a rapidly expanding and important sector for Wales.”

“We have extensive raw wave and tidal energy resources along our shorelines, and this is an excellent example of commercial solutions being developed in Wales to help drive our potential to be a world-leader in the marine energy market. This investment will not only help create greener and more efficient sources of energy, but will also create jobs and vital opportunities for growth in North Wales.”

Wales has 1,200 kilometres of coastline with low velocity tidal currents, with the potential to supply more than five per cent of the UK’s total electricity demand. Wales also has strategically located deep-sea ports and access to the UK national grid. The existing grid capacity means the time for commercial rollout will be significantly lessened, helping Wales to become the world-leading region for marine energy. According to a report commissioned by the Welsh Government, marine energy could boost the Welsh economy by up to 840 million pounds annually after 1GW has been deployed.

“We have been working closely with the Welsh Government over the course of the last year to ensure that this investment will enable Minesto to move into commercialisation, as well as to establish marine energy as a viable industry in North Wales and the UK.  This is great news, not only for us as a company, but also for Wales as a region – and indeed the entire marine energy industry, since this marks an important recognition of the potential of marine energy in Wales and elsewhere,” said Anders Jansson.

In July 2014, Minesto was awarded an ‘Agreement for Lease’ for a commercial demonstration site for electricity production from tidal currents near Holyhead Island in Wales, called Holyhead Deep. Holyhead Deep is a seabed area west of Anglesey, North Wales. Minesto first identified the area as a perfect location for a commercial Deep Green installation with help from another EU funded project, SEACAMS, in 2012. The area meets all of the physical requirements, providing low-flow tidal velocities (1.5 m/s – 2 m/s mean peak flow) at a depth of 80-100 meters, just a short distance from the shore.  The area also benefits from excellent port facilities in Holyhead Port, onshore grid connection potentialat Holy Island, good transport links and access to installation and maintenance services, as well as strong local support for marine energy.

Minesto’s tidal power plant, called Deep Green, looks like an underwater kite and is based on an innovative new approach for electricity generation from tidal and ocean currents. Deep Green is the only proven marine power plant to generate electricity from low velocity tidal currents, which greatly enhances the potential for marine energy. Deep Green has been producing electricity in the waters off Northern Ireland for almost two years now. This has been hailed as a major breakthrough for the entire renewable energy industry.

 

For images of Deep Green visit http://minesto.com/Resources/Minesto_media_kit.zip

For additional information please contact:
Anders Jansson
CEO, Minesto
Phone: +46 31 760 21 02 or +46 707 57 57 62
Email: anders.jansson@minesto.com

Image of Anders Jansson, http://minesto.com/company/
Follow Minesto on Twitter: https://twitter.com/MinestoAB

About Minesto

Minesto is a marine energy 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. Deep Green resembles an underwater kite, with a wing and a turbine attached by a tether to a fixed point on the ocean bed, moving swiftly in the current with an 8-shaped trajectory.

Minesto was founded in 2007 and is based in Gothenburg, Sweden, and Northern Ireland, UK. The major shareholders in Minesto are BGA Invest, Midroc New Technology, Saab Group and Chalmers University of Technology. Anders Jansson is the company’s CEO. Read more about Minesto at www.minesto.com

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About Us

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-effectively 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.

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