Swedish marine energy developer Minesto has received additional funding of SEK12.5 million (€1.2m) for the development and commercialisation of its Deep Green technology.
The grant from the Swedish Energy Agency will support the development of the company’s marine power plant ‘DG100’ in the country.
Minesto’s technology uses tidal and ocean currents to generate green electricity.
The first DG100 model will be installed in the Faroe Islands, for which the company recently won funding from the European Commission.
Dr Martin Edlund, CEO of Minesto said: “Climate change and the transition to renewable energy is a global challenge in which Swedish technology like ours can play a significant role. It is therefore crucial that the Swedish innovation system is involved and supports the development of what could be a new Swedish export industry.”