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Minesto has, together with eight partners, received EUR 5.1 million, to develop the Deep Green technology within a project named PowerKite. The project will be financed through EU Horizon 2020.

The aim is to develop the next generation of the Deep Green power plant; to give it a better performance, a longer life expectancy and improved reliability, all in order to further reduce costs for generating electricity from tides and ocean currents, the company said.

Minesto’s partners consists of the Belgian electricity company Laborelec, a subsidiary of Engie, Chalmers University of Technology, Midroc Project Management AB, SSPA Sweden AB, UW-Elast, Moorlink Solutions AB and Applied Computing & Engineering Limited and Queens University Belfast in the United Kingdom.

“Succeeding in establishing development projects with leading players in Europe like this, is a proof of the interest in our product and our ability to establish large projects,” said Anders Jansson, CEO of Minesto. “Being able to take part in this effort on marine energy, by the EU, is of course highly pleasing, motivating and extremely important.”

The project will run for 30 months, and the consortium will cover the science areas that are necessary to improve product performance, and ensure environmental standards as well as the requirements of customers.

“We have been involved in the marine energy sector for a number of years and we are delighted to be part of the PowerKite project,” said Ana Novak, Project Manager, ENGIE Lab. “The Deep Green technology is focusing on proving cost-efficient use of low velocity tidal streams which could be beneficial for the tidal sector as a whole.”