Minister of State for Business, Energy and Clean Growth, Greg Hands, visited marine energy company Minesto last week where he was introduced to the technology and toured the assembly hall facility in Holyhead, North Wales. Referring to the British Energy Security Strategy, Minister Hands was eager to learn more about the potential of tidal power. Minesto CEO Dr Martin Edlund had the opportunity to discuss the estimated 4GW* expansion potential for Minesto's technology in exploiting low-flow tidal streams in the U.K. The company's proposed build-out of a first commercial array at the Holyhead Deep site was also presented.
Initiated by local MP Virginia Crosbie, the visit was part of a tour aiming to showcase the energy potential of Anglesey and puts the island in centre of governmental policymaking. Tidal energy was highlighted as a vital contributor to the net-zero energy system in U.K. and globally. Both Minister Hands and MP Crosbie were extremely positive in their response to Minesto's technology and its potential in contributing to the future energy mix.
"There's huge potential in the U.K.'s tides - that's why the Government committed in our British Energy Security Strategy to aggressively explore tidal power," the Minister expressed in a tweet during the day.
Minesto's proposed build-out of an 80 MW commercial array in the waters outside Holyhead was also presented to the Minister. The site, named Holyhead Deep, has been verified as an ideal location for a first commercial tidal kite array in the U.K to tap into a future gigawatt potential. Key assets established by Minesto in Wales include an Agreement for Lease for a 10MW installation, a state-of-the art assembly hall and a highly skilled commissioning and operations team.
"We stand decisive in our commitment to realise the proposed scale-up at our Holyhead Deep site outside Anglesey in North Wales. Therefore, I was delighted to discuss some of the most critical areas to realise the build-out, including the pertinent need for speedy processes for consenting, licensing, and grid connection with Minister Hands," said Minesto CEO Martin Edlund. "The green transition requires total commitment, and my meeting with Minister Hands was a good opportunity to urge for rapid governmental policymaking, enabling complementary renewable energy technologies that the world undeniably needs to attain a net-zero energy system," said Martin Edlund.
*) Garrad Hassan, Study Assessing the Feasibility of Adapting the Minesto Device to Low Energy Tidal Streams
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Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling plannable 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.
With more than €40 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union's largest investment in marine energy to date.
Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission, email: firstname.lastname@example.org, telephone: +46 8 503 000 50.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via bit.ly/Minesto_media.
Financial information including reports, prospectuses and company descriptions is available in Swedish at www.minesto.com/investor.