Minesto selected for 20.2 M EUR Innovation Fund grant

Ocean energy developer Minesto has been selected to receive EUR 20.2 million in funding from the European Commission's Innovation Fund. The selected project, named Euro Dragon Farm, is planned as a 10 MW tidal kite array intended for deployment in Ireland.

The company has now entered the Grant Agreement Preparation (GAP) phase. This involves finalizing and signing the grant agreement with the European Climate, Infrastructure and Environment Executive Agency (CINEA). The process is expected to be completed in the first quarter of 2027.

The Euro Dragon Farm project is described as a first-of-its-kind installation utilizing Minesto's 'tidal kite technology'. This system involves a farm of tidal energy converters, referred to as kites, that are controlled underwater to maximize energy capture from tidal streams.

Ireland was chosen as the location due to its potential for significant tidal resources. The project aims to demonstrate the commercial viability and scalability of this technology within the broader ocean energy sector.