Minesto Secures 20.2M EUR Grant for Innovative Euro Dragon Farm Project
Minesto, a pioneering developer in ocean energy technologies, has achieved a significant milestone in its quest to harness tidal energies. The company recently announced its selection by the European Commission to engage in Grant Agreement Preparation (GAP) for an impressive 20.2 million EUR funding allocation under the EU's Innovation Fund, specifically through the \"Call INNOVFUND-2025-NZT.\" The funding will support the groundbreaking Euro Dragon Farm project, a 10 MW tidal kite array intended for deployment in the waters of Ireland.
The Euro Dragon Farm is a revolutionary project that aims to create a tidal energy generation system capable of producing renewable electricity in a cost-effective manner. This will be the first of its kind in the EU, utilizing innovative technology designed specifically for efficient operation in low-velocity tidal currents. The initiative is set to deliver up to 10 MW of predictable renewable electricity to the energy grid, further solidifying Minesto's role as a leader in sustainable energy solutions.
Dr. Martin Edlund, CEO of Minesto, expressed his enthusiasm about the grant and its implications, stating, "Being selected for this 20.2 M EUR grant contribution to our latest project development opportunity, the Euro Dragon Farm, is the most significant commercial milestone in Minesto's history so far. Our dragon technology competitiveness, the attractiveness of the Dragon Farm investment case, and our assessed project execution capability have been highly rated, resulting in Minesto being selected to spearhead the commercial build-out of Europe's tidal energy sector."
The anticipated funding will cover approximately 60% of the investment needed for the Euro Dragon Farm, enabling the company to engage local supply chains while simultaneously fostering skill development in the region. The planned project not only positions Minesto as an innovator in the tidal energy sector, but it also paves the way for a replicable, exportable solution that enhances Europe’s long-term energy security and resilience.
Commenting on the selection, Edlund highlighted the project’s potential to serve as a template for future tidal energy endeavors. The combination of Minesto's unique technology and the support of the EU is expected to create comprehensive local employment opportunities, drive economic growth, and promote sustainable energy practices.
Minesto is currently in the process of finalizing the grant agreement with the European Climate, Infrastructure and Environment Executive Agency (CINEA), with plans to have this completed by the first quarter of 2027. This agreement will underscore the commitment of both the European Commission and Minesto to advance clean and sustainable energy developments.
As the global energy landscape shifts towards renewable solutions, the Euro Dragon Farm stands as a beacon of innovation, showcasing how tidal energy can contribute to the overarching goals of reducing carbon emissions and ensuring energy independence. The project highlights the potential for technological advancements in harnessing natural resources while promoting environmental sustainability for future generations.
For more insights and developments on the Euro Dragon Farm project and Minesto’s activities, please follow their official communications and updates.
The Euro Dragon Farm is a revolutionary project that aims to create a tidal energy generation system capable of producing renewable electricity in a cost-effective manner. This will be the first of its kind in the EU, utilizing innovative technology designed specifically for efficient operation in low-velocity tidal currents. The initiative is set to deliver up to 10 MW of predictable renewable electricity to the energy grid, further solidifying Minesto's role as a leader in sustainable energy solutions.
Dr. Martin Edlund, CEO of Minesto, expressed his enthusiasm about the grant and its implications, stating, "Being selected for this 20.2 M EUR grant contribution to our latest project development opportunity, the Euro Dragon Farm, is the most significant commercial milestone in Minesto's history so far. Our dragon technology competitiveness, the attractiveness of the Dragon Farm investment case, and our assessed project execution capability have been highly rated, resulting in Minesto being selected to spearhead the commercial build-out of Europe's tidal energy sector."
The anticipated funding will cover approximately 60% of the investment needed for the Euro Dragon Farm, enabling the company to engage local supply chains while simultaneously fostering skill development in the region. The planned project not only positions Minesto as an innovator in the tidal energy sector, but it also paves the way for a replicable, exportable solution that enhances Europe’s long-term energy security and resilience.
Commenting on the selection, Edlund highlighted the project’s potential to serve as a template for future tidal energy endeavors. The combination of Minesto's unique technology and the support of the EU is expected to create comprehensive local employment opportunities, drive economic growth, and promote sustainable energy practices.
Minesto is currently in the process of finalizing the grant agreement with the European Climate, Infrastructure and Environment Executive Agency (CINEA), with plans to have this completed by the first quarter of 2027. This agreement will underscore the commitment of both the European Commission and Minesto to advance clean and sustainable energy developments.
As the global energy landscape shifts towards renewable solutions, the Euro Dragon Farm stands as a beacon of innovation, showcasing how tidal energy can contribute to the overarching goals of reducing carbon emissions and ensuring energy independence. The project highlights the potential for technological advancements in harnessing natural resources while promoting environmental sustainability for future generations.
For more insights and developments on the Euro Dragon Farm project and Minesto’s activities, please follow their official communications and updates.
Topics Energy）
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