”The European Commission sees technologies such as Minesto’s as an essential component of the energy mix”

Press releases

13 april 2018

On Thursday, 500 leading politicians and business representatives gathered in Brussels to participate in the fourth edition of the EU Energy Summit. During the conference, strong support was expressed for the development of the European marine energy industry.

”There is no doubt that the European Commission sees blue energy and technologies such as Minesto’s as an essential component of Europe’s future energy mix”, said Martin Edlund, CEO of Minesto, who was in Brussels to attend the EU Energy Summit.

Blue energy, that is, ocean energy such as tidal energy, and what role it plays in the energy transition was a main theme for the conference. Karmenu Vella, EU Commissioner for Environment, Maritime Affairs and Fisheries said in a keynote speech that with the emerging marine energy industry, we are witnessing “the dawn of a new era” and an industry that will create jobs and growth while ”at the same time help the European Union meet our ambitious low-carbon objectives and contribute to the transition towards a greener economy.”

“Blue energy is highlighted as an enabler to take renewable energy penetration of the energy mix to the next level. It was particularly pleasing that tidal energy was highlighted for its contribution to the higher system level, that is, how generation from this predicable energy source raises the degree of reliability in a power grid, not least in combination with short-term energy storage”, said Martin Edlund.

Commissioner Vella pointed out that Europe is already a world leader in marine energy. With excellent natural resources, world-class marine and offshore engineers and highly motivated entrepreneurs “the stage is set for success”, Vella said. He highlighted the progress made in offshore wind and noted: “Over the next decade, ocean energy could well go down a similar path. And the European Commission is determined to support this development to the best of our ability”.

”Minesto is the marine energy developer that has so far enjoyed the greatest financial support from the EU. The progress in the wind power industry shows how the public sector is strongly contributing to the creation of new industries. Blue energy is next in line”, says Martin Edlund.

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.

Document: Release