Minesto’s tidal energy technology awarded as most promising in the industry

Press releases

23 november 2016

On Tuesday evening, in a global competition of the most prominent players in the industry, leading tidal energy developer Minesto won the award for the Most Promising Turbine Concept at the International Tidal Energy Summit in London. 

The International Tidal Energy Summit, held 22–23 November in London, is the largest international conference for the tidal energy industry. As part of the conference, an award ceremony is held to recognise the industry’s top innovators for cost-competitive renewable electricity generation.

During Tuesday evening Minesto were crowned winners in the Most Promising Turbine Concept category for their innovative Deep Green technology, which produces electricity from low-velocity tidal streams. Following selection by an expert jury, Minesto along with three other finalists were subject to a vote by the industry delegates themselves before receiving the prestigious award.

“We are delighted and proud of being awarded the most promising technology in the industry. Not least due to the fact that it is the international industry community that recognises the viability and potential of our unique technology”, says Dr Martin Edlund, CEO of Minesto.  

Being such a unique innovation, this is not the first time Deep Green has been acknowledged and awarded. Among other recognitions, Minesto has previously received the Tidal Today Industry Pioneer Award as well as the Ocean Exchange’s The Orcelle Award. In 2010, Time Magazine named Deep Green one of the 50 Best Inventions of the year.

“Five years ago, it was about a ground-breaking invention ready to begin ocean testing. Today, Deep Green is a verified technology receiving this prestigious recognition, in the strongest possible competition, by our international industry. That is very pleasing and an acknowledgment of all the hard work done and on how far we have come”, says Dr Edlund.

For additional information please contact:

Magnus MatssonCommunications Manager, Minesto AB+46 70 570 75 08magnus.matsson@minesto.com

About Minesto

Minesto is a marine energy technology company whose mission is 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 proven 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. G&W Fondkommission is Minesto’s Certified Advisor. Read more about Minesto at www.minesto.com

Images of Minesto’s management team and Deep Green are available to download from Minesto’s website.

Follow Minesto on Twitter: @MinestoAB.

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 11:30 CET on 23 November, 2016.

Document: Release