InnoEnergy has invested €1 million (£900m) in Swedish tidal energy developer Minesto.
The European investor in clean energy InnoEnergy aims to help accelerate the commercialisation of Minesto’s sea-kite marine energy technology.
Including the latest batch of funding, InnoEnergy has invested a total of €5.5 million (£5m) in Minesto and the development of the company’s unique Deep Green technology which uses low-flow tidal streams and ocean currents to generate affordable, predictable and clean electricity.
Diego Pavia, CEO of InnoEnergy said: “The transition to a more sustainable future must include a variety of clean energy technologies and ocean energy is the next frontier for the energy sector. With its key technological advantages, Minesto’s marine energy technology can play a considerable role in this development.
“We have great confidence in the technology, the company, the performance shown so far and Minesto’s plan for taking the product to the market. To support this ambition, InnoEnergy has decided to invest a further €1 million (£900m) in Minesto.”
Minesto recently successfully completed the test programme for its EU-funded ‘sea kite’ tidal energy project in Wales.