Gothenburg-based Minesto, a marine energy technology developer, announced that it has achieved the commissioning of the Dragon 12, a 1.2 MW utility-scale tidal power plant.
On February 9, it delivered its inaugural electricity to the national grid in the Faroe Islands.
Brief about the Dragon 12
Minesto’s Dragon 12, the company’s initial megawatt-scale tidal energy kite, has demonstrated satisfactory electricity generation in its initial operational phase.
The Dragon 12, a 12-meter wide and 28-ton heavy subsea kite, anchored with a seabed tether, navigates in an 8-shaped flight pattern using tidal flow for power.
It represents a 10-fold scale-up from the existing 100 kW Dragon 4, offering competitive performance and cost-effectiveness for the development of large-scale commercial subsea parks housing tidal power plants.
Dr Martin Edlund, CEO of Minesto says, “This is a big day for Minesto. We have reached the most significant milestone in the history of the company by producing electricity to the grid with our mega-watt scale powerplant. We are both proud and happy and more than ever look forward to the journey ahead.”
Edlund adds, “What the Minesto team has achieved today is extraordinary and set a new agenda for renewable energy build-out in many areas of the world. The competitiveness of the Dragon 12 is straight to the point; it’s powerful, cost-effective and feeds predictable electricity to the grid.”
First electricity to grid with tidal powerplant Dragon 12
Expanding the ocean energy potential
Founded in 2007 as a spin-off from aircraft manufacturer Saab, Minesto is a marine energy technology developer dedicated to reducing the global carbon footprint of the energy industry.
Its mission involves enabling the commercial production of clean energy from tidal streams and ocean currents. The company’s patented product, Deep Green, is a subsea kite technology suited for areas where other technologies struggle to operate cost-effectively.
Currently listed on the Nasdaq First North stock exchange, Minesto employs around 60 employees and conducts operations in Sweden, Wales, Northern Ireland, and Taiwan.
The company has secured over €40M in funding from various sources, including the European Regional Development Fund through the Welsh European Funding Office, the European Innovation Council, and InnoEnergy.
Minesto operates in Sweden, the Faroe Islands, Wales, and Taiwan. The company’s shares (MINEST) are traded on the Nasdaq First North Growth Market.