Swedish marine energy developer Minesto is partnering with Schneider Electric to develop tidal energy projects based on the former’s Deep Green technology.
A Memorandum of Understanding between the two companies has been signed to work together to develop and build projects.
The collaboration aims to accelerate the commercial roll-out of marine energy, they said.
“To leverage the value proposition of ocean energy to customers, Minesto and Schneider Electric will engage with lead-users among independent power producers and electric utilities and integrate Schneider Electric’s know-how and products with Minesto’s pioneering tidal and ocean current energy technology,” the partners said.
“Projects ranging from smaller microgrid installations to multi-megawatt farms will be jointly identified, assessed, and developed, including exploiting the parties’ existing pipelines of leads,” the duo added.
This will include technical system integration and project management, as well as sales and project finance opportunities.
Minesto chief executive Martin Edlund said: “We are delighted to join forces with Schneider Electric, a global leader in energy transition and digital transformation.
“It is for us a strategic partnership that will play a pivotal role in the commercial rollout of the Deep Green technology.
“Schneider Electric’s global presence, technological edge and expertise in integration of renewable energy production and microgrids will significantly enhance Minesto’s value proposition to customers and renewable energy project investors.
“Beyond this, we will work to use this partnership to establish thought leadership and inform decision-makers on the opportunities and advantages of new complementary renewable energy technologies, not least building completely sustainable energy systems based on predictable baseload power generation from the ocean.”
Schneider Electric power and grid segment president Gary Lawrence said: “We look forward to working with Minesto to bring ocean energy into the global renewable energy mix, balancing variable renewables with predictable, renewable baseload.
“For us it has been of significant importance to enter the marine energy sector together with a partner developing a game-changing technology with both a global market and a potential for energy production at competitive cost of energy.”
Schneider Electric head of microgrid Matthieu Mounier said: “Users and producers of energy increasingly demand sustainable solutions to reach their carbon reduction objectives while enhancing business resilience.
“Tidal and ocean current-based renewable energies are expecting to significantly contribute to the achievement, for both energy communities and remote users.”