Swedish tidal energy company Minesto AB will intensify and broaden its market penetration efforts with a focus on three markets — the UK, the EU and Taiwan.
Installation of Minesto’s first commercial-scale Deep Green kite turbine, of 500 kW, is planned to start in April off the coast of Wales. Electricity generation is targeted to commence in the third quarter of 2018. The company actually has plans to install up to 80 MW in Holyhead Deep, but it expects delays due to political uncertainties related to the UK’s future revenue support mechanism for renewables and Brexit negotiations.
Minesto is part of the DeepGreen500 project supported by EIT InnoEnergy.
'Scope and content for the next step in the development of Holyhead Deep will be adapted to the political environment that will be formed in 2018,' Minesto said, adding that the long-term goal of expanding the Holyhead Deep site up to 80 MW remains.
Meanwhile, the company is planning to take advantage of the EU’s ambitious support structures for the expansion of marine energy. It will collaborate with its current supply chain, project developers active in the EU and European sustainable energy promoter EIT InnoEnergy, an investor in the company.
In Taiwan, Minesto will be working on a tidal stream project in Keelung and the first installation in ocean currents.
On December 22, the Swedish company announced a rights issue, the proceeds of which will go to support the installation, testing and demonstration off Wales; site development and activities for market penetration in the UK, EU and Taiwan; and additions to the product range. The Swedish prospectus is to be published around January 25.
The identified exploitable potential of the 500 kW Deep Green device, DG500, surpasses 600 GW globally, Minesto said, citing new internal analysis of university and marine research studies.
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