Swedish tidal energy developer Minesto has kicked off work on a SEK 25 million (€2,2 million) microgrid project in the Faroe Islands, awarded by the Swedish Energy Agency.
The company, together with partners Sev, Capture Energy, and IVL, has completed a 1.5-day planning and project set-up workshop at Minesto’s headquarters in Gothenburg. The initiative aims to deliver a turnkey microgrid installation in Vestmanna.
“We are off to a good start delivering a tidal energy microgrid system with the capacity to offer base-load renewable energy to both local needs in the Faroe Islands and further to millions of users on a global market,” said Johannes Huffmeier , COO of Minesto.
In parallel, Minesto said that it is working on integrating two local end-user applications with Sev and other stakeholders. These focus on the electrification of EV charging and an industrial process in Vestmanna to reduce fossil fuel use.
“Right at the start, we want to add delivery of tidal energy into electrification applications for the customer value of our microgrid to be proven and demonstrated. Small-scale electrification to reduce CO2 emissions is a core component in the global energy transition as well as in our sales growth projections,” said Martin Edlund , CEO of Minesto. In July, Minesto finalized a reorganization process aimed at aligning the business for commercial rollout and reducing fixed costs. The changes include geographic consolidation, a trimmed management structure, and tighter product development integration. The company reported a 35% reduction in fixed costs as a result.
Just a few days ago, the Swedish tidal energy developer appointed a new chief financial officer (CFO) who will take over the role as of October.