DBP

Minesto AB is a Swedish-based company founded in 2007 as a spinoff from Saab. Minesto develops power plants that generate renewable electricity from tidal streams and ocean currents. Taking advantage of its unique, patented technology, Minesto´s Dragon kite systems can be installed in tidal and ocean currents sites with lower flow velocities and larger water depth where no other technology can operate cost effectively. Minesto has deployed several to scale and full-scale units and in 2018 deployed the first full scale prototype of the tidal technology called the DG500 which was tested in an offshore demonstration in Holyhead, North Wales. Following this deployment the first commercial scale demonstration unit of the kite technology was then deployed in Faroe Islands in 2020. In summer 2022, Minesto launched its first third-generation Dragon Class kite product known as the Dragon 4 (wingspan 4.9 m, rated at 100kW) which were tailored to customer needs and operating conditions were designed to maximize yield at minimised costs. On Feb 9th, 2024, the second Dragon Class kite product known as the Dragon 12 (wingspan 12m, rated at 1.2 MW) was first installed in a new foundation at the test and production site in Vestmannasund, Faroe Islands, producing predictable electricity since then. The ultimate goal of this project is to enable Minesto to scale up its tidal technology and reach commercial viability in the European market. This is an essential step to advance the technology in array scale and enable full market roll-out. The funding from the grant component would be used to finalise the serial production system design and manufacturing developments, as well as system qualification and certification. This funding will enable Minesto to improve and streamline production processes, critical for scaling operations and deploying Tidal Energy in Europe. Minesto aims to reach TRL9 / MRL7 with the Dragon Booster project by productisation of the Dragon kites, reducing LCoE.