Swedish marine energy developer Minesto has been awarded a grant from the European Commission to support the installation of the company’s tidal technology in the Faroe Islands.
Minesto is working with the utility company SEV to install the former’s Deep Green device in the Faroes.
The €2.5m will come from phase two of the commission’s SME Instrument programme.
Minesto chief executive Martin Edlund said: “This is great news for Minesto and our joint project with the utility customer SEV.
“The EU community once again show trust and commitment to our technology and commercialisation roadmap.”
The companies plan the first installations in Vestmannasund, with a long-term ambition of building-out up to 70MW of installed capacity.
The SME Instrument programme is part of the European Commission’s European Innovation Council that supports ground-breaking innovative ideas for products, services or processes.
It is divided in different phases with €50,000 grants available in phase one, which Minesto was awarded in June 2018.
In phase two, grants in the range of €500,000–€2.5m are available for innovation development and demonstration purposes.