“The Swedish Energy Agency’s multimillion investment is fully in line with Minesto’s technology”

April 09, 2018

The Swedish Energy Agency has announced today that it allocates SEK 105 million to a continued investment in marine energy. The initiative will contribute to exports of Swedish expertise and products.

“The Swedish Energy Agency's latest investment in marine energy is fully in line with our unique Deep Green technology and we are looking forward to forthcoming announcements within the program. It is pleasing to see the agency’s focus on concepts with export potential that can contribute to the global energy transition. Our product has the potential to play an essential role in that transition, by delivering predictable and affordable green electricity to both major power grids and independent micro grids around the world”, said Martin Edlund, CEO of Minesto.

The new program is based on the Swedish Energy Agency's Marine Energy Strategy, which was launched in the spring of 2017. It will take place between 2018–2024 with the objective to increase collaboration between market players while supporting environmentally sustainable innovative solutions that can contribute to cost reductions and efficiency improvements, focusing on technologies that have the potential to be commercialised by 2030.

The Swedish Energy Agency's press release (in Swedish) is available via this link.

For additional information please contact:

Magnus Matsson
Communications Manager, Minesto AB
+46 70 570 75 08
press@minesto.com

About Minesto

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 efficiently 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 offices in Gothenburg, Sweden, Holyhead, Wales and Portaferry, Northern Ireland. 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.

Read more about Minesto at www.minesto.com

Press images and other media material is available for download via bit.ly/minestomedia.