Speaking at renewable energy capital markets day, the CTO of renewable energy at European investor InnoEnergy, Javier Sanz, said the blue energy is going to be an area of interest for the energy sector as it represents the next frontier.
Sanz was the was the keynote speaker at the event held in Stockholm on February 7, 2018. He presented InnoEnergy’s role in the global energy transition and how the organization works to support European innovative companies with the potential to become global leaders.
To date, InnoEnergy has invested €4.5 million in Swedish-based Minesto, the developer of a patented technology for clean electricity generation from tidal streams and ocean currents.
Commenting on the investment in Minesto, Sanz said: “We think blue energy is going to be an area of interest for the energy sector, it’s the next frontier. The Minesto technology’s capabilities to go for low-flow streams is a key advantage compared to other technologies. And the team is a plus – when you are investing in companies, you are investing in people.”
Minesto’s so-called tidal kite generates power when the water current creates a hydrodynamic lift force on the wing which pushes the kite forward.
The kite is steered in an 8-shaped trajectory by a rudder, and as the kite moves, the water flows through the turbine with magnified power, producing the electricity in the gearless generator.
Minesto plans to begin with the installation of its first 500kW commercial-scale Deep Green tidal power plant off Northern Wales in April this year.
Having invested more than €170 million in innovation projects in the energy sector, InnoEnergy presents a European powerhouse for creation of a sustainable energy future.