Business
Minesto-led consortium awarded 25 MSEK grant to build a tidal energy power plant for baseload electricity production to microgrids
Minesto, leading ocean energy developer, is heading a consortium of four that has been awarded a total of 25 MSEK grant funding from Swedish Energy Agency to build a complete microgrid installation in the Faroe Islands. Minesto collaborates with microgrid technology provider Capture Energy, Faroese utility company Sev and IVL Swedish Environmental Research Institute to demonstrate a unique tidal-based microgrid solution that provides baseload power.
About this update from Minesto Ab
[{"type":"text","content":"GOTHENBURG, Sweden, June 27, 2025 /PRNewswire/ -- Minesto, leading ocean energy developer, is heading a consortium of four that has been awarded a total of 25 MSEK grant funding from Swedish Energy Agency to build a complete microgrid installation in the Faroe Islands. Minesto collaborates with microgrid technology provider Capture Energy, Faroese utility company Sev and IVL Swedish Environmental Research Institute to demonstrate a unique tidal-based microgrid solution that provides baseload power. ","length":503,"tagName":"p"},{"type":"text","content":"The project is built on a partnership with technology leader in microgrid management Capture Energy. By integrating Minesto's tidal power plants with Capture Energy's microgrid capability, a significant global market for autonomous power plants and island-mode grid can be accessed. Minesto's existing customer Sev will play a key role in the project as an advanced user of microgrids and on feasibility work related to local commercial installations to come. IVL Swedish Environmental Research Institute, will provide expert analysis on the environmental footprint of the solution.","length":594,"tagName":"p"},{"type":"text","content":"The total consortium project budget over two years is 56 MSEK, whereof 25 MSEK is grant funding from Swedish Energy Agency.","length":123,"tagName":"p"},{"type":"text","content":"The project will deliver a complete product offer for a microgrid installation with integrated battery storage to offer a stand-alone base-load power plant to an island mode user. The microgrid offer addresses the global market for clean, reliable, and affordable renewable energy for remote and off-grid customers that are currently dependent on fossil fuels or have a shortage of electricity supply.","length":401,"tagName":"p"},{"type":"text","content":"A complete microgrid installation:","length":34,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"The microgrid system will be built, commissioned and operated at Minesto's current production site in Vestmanna based-on existing infrastructure and environmental permits.","length":175,"tagName":"p"}]},{"val":[{"type":"text","content":"The Minesto tidal power plant used in the project will be an upgraded and customized Dragon-class tidal power plant.","length":116,"tagName":"p"}]},{"val":[{"type...