Minesto mitts €1m kite cash

Swedish tidal kite developer Minesto has secured a further €1m from Dutch-based European R&D investor KIC InnoEnergy for its Deep Green technology.

The investment will be used to further develop Minesto’s full-scale, 500kW device which will be deployed off the coast of Holyhead in Wales next summer.

In return for the investment, KIC InnoEnergy will receive stock securities in Nasdaq Stockholm-listed Minesto AB.

KIC invested €3.5m in the Deep Green technology last September.

KIC InnoEnergy Iberia chief executive Mikel Lasa said “The reason why we decided to invest in the Deep Green technology last fall was that it corresponds well with our mission to support European innovations in the field of sustainable energy.

“Given the ever-growing demand for clean energy, we have decided to invest an additional €1m in the further development of Deep Green”.

Image: Deep Green prototype in Strangford Lough (Minesto)