Swedish ocean energy company Minesto has received STEP approval (Strategic Technology Platforms for Europe) from the European Commission for the proposed Euro Tidal Energy Farm project in Ireland. This approval signifies the alignment of this project with the European Union's goals of enhancing energy security, resilience, and industrial competitiveness.
Investment and Funding
The project has recently been selected by the European Commission to enter the funding agreement preparation stage (GAP) and has secured €20.2 million in funding from the European Union's Innovation Fund. This amount covers 60% of the investment required to establish the Euro Tidal Energy Farm. Minesto has stated that the STEP approval emphasizes the alignment of the Euro Tidal Energy Farm with Europe's efforts to strengthen the capabilities of clean technologies and industrial competitiveness.
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Project Details and Impacts
The Euro Tidal Energy Farm, as the first Dragon Farm tidal energy project in the European Union, will be specifically located in the coastal waters of Ireland and has a production capacity of 10 megawatts. This project aims to enhance sustainable energy infrastructure in Europe and reduce dependence on fossil fuels. Minesto also signed a memorandum of understanding (MoU) last month with Morteza Capital, which focuses on developing tidal energy opportunities in the Maldives and the Indian Ocean, to assist in the commercial development of tidal energy projects in the Maldives.
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