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.
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