Minesto granted €2.5m EU funds for Faroe Islands tidal project

The European Commission's SME Instrument Programme has granted €2.5-million to Marine energy developer Minesto. The funding will aid with the installation of the Minesto technology in the Faroe Islands where it will be working alongside Faroese utility company SEV.

“This is great news for Minesto and our joint project with the utility customer SEV”, said Dr Martin Edlund, CEO of Minesto. “The EU community once again show trust and commitment to our technology and commercialisation roadmap.”

Minesto will receive a grant of €2.5-million from the SME Instrument Programme phase 2 for the continuing development and operation of its Deep Green technology on the islands.

The tidal current resource in the Faroe Islands will be harnessed by Minesto's technology and is forecast to contribute a significant share of the grid mix in a cost-effective and 100% renewable energy system by 2030. Following the first planned installations in Vestmannasund, the long-term ambition of the Minesto collaboration with SEV is a stepwise build-out up to 70MW installed capacity.

Minesto’s proposal for funding support was selected for the maximum amount of funding in competition with 1,764 other applications from small and medium-sized enterprises in 35 countries.

SME Instrument is part of the European Commission’s European Innovation Council (EIC) and supports ground-breaking innovative ideas for products, services or processes that are ready to conquer global markets. It is divided in different phases with €50,000 grants available in phase 1, which Minesto was awarded in June 2018. In phase 2, grants in the range of €500,000 to €2.5-million are available for innovation development and demonstration purposes.

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