What started as a turbine study within the aircraft manufacturer Saab’s R&D department ten years ago is a verified, ground-breaking marine energy technology with a global market potential today. Here are some of the milestones in Minesto’s exciting history to date.
Saab engineer Magnus Landberg invents the concept behind Deep Green. The invention, then known as Enerkite, is brought to Chalmers University of Technology in Gothenburg, Sweden. As a master thesis, the viability of the technology is further explored.
Anders Jansson founds Minesto AB with support of Midroc New Technology and Chalmers Ventures (formerly Encubator). This follows after that the Carbon Trust has distinguished the Deep Green technology as ”step-changing”.
Minesto’s tidal energy power plant, at the time called SeaKite with a 1.2-meter wing, produces electricity for the first time. Financial partners such as Swedish government R&D agency Vinnova and private equity investor Verdane join the journey.
Swedish private equity firm BGA Invest enters as new shareholder in Minesto. They remain today as the largest owner of the company. Investments is also attracted from Swedish Energy Agency and the Carbon Trust. Suitable installation sites for prototype testing are identified. The technology development intensifies and the organisation prepares for ocean testing.
Major steps in technology development are made as the search continues to find additional owners and investors. The test facility in Northern Ireland is established and scale prototype sea testing begin.
The commercialisation of the Deep Green technology is boosted as Minesto raises approx. €35m over the year through public funding and private equity. In May, the company is awarded a €13m grant from the European Regional Development Fund through the Welsh European Funding Office (WEFO), part of the Welsh Government, for the commercial rollout of Deep Green.
InnoEnergy (formerly KIC InnoEnergy) make their so far largest investment in marine energy when they invest €3.5m in the further development of Deep Green.
In November, the Minesto share is listed on the Nasdaq First North stock exchange and €14m is raised in the initial public offering.
And at the end of the year, Minesto together with eight partners are awarded €5.1m for the PowerKite project, a Horizon 2020 initiative aimed at develop the next generation power take off system for Deep Green.
UK headquarters is established in Holyhead, Wales. During the year, the team grows from 1 to 13 people and in August, Minesto moves in at newly furnished office at Market Street in Holyhead.
The Minesto team is bolstered in Gothenburg and Portaferry as well, and in total the company grows with some 60% during the year, as Minesto gets ready to launch the first commercial-scale Deep Green demonstrator.
First commercial-scale system.
In 2018, Minesto succesfully commissioned its first commercial-scale system in Holyhead Deep, Wales.
First electricity to grid.
First PPA (Power Purchase Agreement)
Successful launch of first Dragon Class power plant, Dragon 4 (100kW), in Vestmannasund production site, Faroe Islands.
Announcement of tidal energy build-out plan, Faroe Islands, total build-out plan of 120 MW