Minesto awarded consent for Holyhead Deep installation

Leading tidal energy developer Minesto has taken yet another important step towards commercialisation of its unique Deep Green technology in Welsh tidal streams, as the company has received marine license for a 0.5MW installation in Holyhead Deep. 

Consenting authority Natural Resources Wales has approved a marine licence application by Minesto for the installation and operation of a 0.5MW Deep Green power plant in Holyhead Deep off the coast of Anglesey.  

A marine license is required for all kind of offshore construction work and deposits in UK waters. Thus, the awarded consent is a milestone achievement for Minesto in its North Wales project, Minesto’s CEO Dr Martin Edlund said:

“We are very pleased to have been awarded consent for our first installation in Holyhead Deep. It’s a great achievement by everyone involved in the application process, and yet another deliverable met as we move towards commercialisation of our Deep Green power plant.”

Leading up to the approved application an in-depth Environmental Impact Assessment (EIA) has been carried out. The EIA considered the potential impacts acts on fisheries, marine mammals, sea birds, marine archaeology and cultural heritage as well as shipping and navigation, which were concluded to be ‘not significant’.

The now consented installation in Holyhead Deep is planned for this year and it will include a single Deep Green device, seabed foundation and a buoy moored at surface. This first commercial-scale installation of Deep Green will demonstrate and prove the unique tidal energy technology ahead of plans to expand Holyhead Deep into Minesto’s first tidal energy array.

For additional information please contact:

Magnus MatssonCommunications Manager, Minesto AB+46 70 570 75 08press@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 low-velocity tidal and ocean currents.

Minesto’s award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-velocity 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.

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 08:45 CEST on 19 April, 2017.