Minesto has been selected by the European Commission for phase 1 of the Horizon 2020 SME Instrument programme.
The awarded funding is dedicated to a customer-involved feasibility study with the purpose of facilitating commercialization of Minesto’s Deep Green technology.
“This grant underscores Minesto’s ability and industry-leading track record in obtaining public funding support from the EU,” said Dr Martin Edlund, CEO of Minesto. “More importantly, it also shows that the European Commission acknowledges and supports our market entry approach based on initial small-scale installations and early-stage customer involvement.”
The awarded phase 1 grant of €50,000 will be used for a feasibility study of commercial Island Mode (off grid) installations of Minesto’s marine energy converter DG100. In addition to composing a commercial product that will enable faster market entry and volume scale-up, the DG100 system also serves a key role in the commercialization and industrial rollout of Minesto’s utility scale systems.
SME Instrument is part of the European Commission’s research and development programme Horizon 2020 and supports innovative ideas for products, services or processes.
The SME Instrument is divided in different phases with €50,000 grants for feasibility assessment purposes available in phase 1. In phase 2, grants in the range of €500,000–€2.5 million or more are available for innovation development and demonstration purposes.
“We are looking forward to compete for the SME Instrument phase 2 together with utility customers,” Edlund added.