Minesto develops a unique solution for harvesting tidal power energy.
Minesto Stories
Dec 16, 2009
Minesto has produced a short clip which explains the revolutionary Deep Green tidal energy principle that was unveiled not long ago.
Oct 26, 2009
Minesto and the unveiling of its Deep Green technology was featured today in the online edition of Swedish daily newspaper Dagens Nyheter.
Oct 22, 2009
Minesto, a Swedish and UK based company, develops new technology for electricity generation from slow water currents. This niche opens up entirely new areas for electricity production from the seas.
In the UK, the estimated power from tides increases from around 22 TWh to 40 TWh which corresponds to 3.8 million additional households. The existing owners Saab Group, Midroc New Technology, Verdane Capital and Encubator have recently invested additional capital to accelerate the development. In total they have invested just under €2 million into the company while additional funding has been received from both Swedish and UK governments.
UK forms a strategic base
During the summer of 2009, Minesto took the step of focusing its commercial operations in the UK. The technology has global potential but since the UK represents 50 percent of Europe's tidal power potential and is the most developed market in terms of infrastructure, incentive structures and experience in the world, and is therefore an excellent starting point for exploitation. Northern Ireland and Belfast are now home to all major UK activities.
Northern Ireland has been able to offer Minesto the perfect foundation. Co-operation between the private sector, universities and government has been inspirational. Our aim is to offer green electricity at a future low cost to citizens of Northern Ireland and the rest of the UK, says Anders Jansson, CEO at Minesto.
The UK is not unfamiliar with Minesto. In 2007 the technology was evaluated and taken up in the Marine Energy Accelerator (MEA) program by The Carbon Trust in a bid to accelerate the move to a low carbon economy. Carbon Trust is an independent company, set up by the UK Government in 2001 aiming to accelerate the commercialization of cost efficient marine energy technologies.
The Minesto device is a key component in the Carbon Trust’s strategy to develop novel devices which represent the next generation of marine renewable energy, said Tom Delay, chief executive of the Carbon Trust.
A niche technology
The Deep Green device is a radically new principle for energy extraction from the ocean. It is the next generation of tidal power plant which can provide electricity to a broad range of countries worldwide. The new technology will contribute to a substantial increase of power from the tides with its ability to produce energy from areas where other technologies are less efficient. The main reason for this is the extended site areas available when looking at sites with a current velocity of 1.2-2.2m/s and depths between 60-120 meters. In the UK, Deep Green alone adds 18 TWh of electricity potential utilized from tides.
The company and future
Minesto’s technology originates from the wind department at SAAB Group in Sweden. It was quickly determined that the concept was more suited to water, which is 832 times more dense than air. Since it was then beyond SAAB’s core business it was spun out and Minesto was formed in 2007. Today the concept is verified on a scale of 1:10 and Minesto is now working on the next prototype in a 1:4 scale. It will be tested in authentic conditions outside the coast of Northern Ireland.
We have been active on the UK market for several years and now we will deepen our UK relationships and set up a solid, experienced organization here. This will be a key success factor in bringing Deep Green to the market, states Anders Jansson, CEO of Minesto.
The Deep Green Principle
Flying kites might sound more of a seaside hobby than a serious way to plug the energy gap but Minesto has unveiled a way of using an underwater kite that can harness the power of the seas. The principle of the technology can be explained as a two stage process. The first stage increases the relative flow speed entering a turbine. When the tide hits the wing it creates a lift force, since the kite is mounted to the ocean bed with a tether and is controlled by a rudder, the kite can be taken in the desired trajectory. The method increases the flow velocity into the turbine with 10 times the current speed. The second stage uses a conventional plant to convert kinetic energy into electrical power. The net result is increased power from a smaller package.
The power plant weighs only 13-14 tons/MW and electricity generation costs using Deep Green are in the range of 0.06 to 0.14 Euros per KWh.
Sep 16, 2009
Together with academic and industrial partners, Minesto will develop and sell power plants that offer a change in cost for tidal energy. Minesto’s innovation Deep Green originates from Saab AB in Linköping, Sweden.
Minesto’s innovation Deep Green originates from SAAB Group AB in Linköping, Sweden. The inventor worked at Saab within wind power development and found a new solution to a critical problem. However due to changed strategy for SAAB, focus naturally had to be on core technology within SAAB. The inventor went through SAAB’s technology transfer department and they decided that Encubator was the best suited environment to further develop the innovation and further explore and develop its business potential.
At that time, 2006, the status of the technology was in the idea phase but the principle was estimated to have great potential. Thanks to strong market demand for renewable sources for electricity production, constructive dialogs with investors, a strong team and its network, Minesto became a limited company in 2007. Furthermore, the company was accepted into the Marine Energy Accelerator via positive feedback on the technology from experts of the Carbon Trust.
Today Minesto’s has four major owners; SAAB Group AB, Verdane Capital A/S, Midroc New Technologies AB and Encubator Holding AB. These owners actively work to use their own competencies in order to help develop Minesto further.
The company currently consists of six full-time employees and constantly works with numerous consultants, both in Sweden and in the UK. Minesto also has an office in the UK where recruitments starts in 2009.
The inventor still works at SAAB but holds a position on the Board. Furthermore he works as a consultant on a regular basis for Minesto in different aspects.
The market seems to give a deep green light for Minesto.
May 7, 2009
Layerlab and Minesto have received SEK 470 000 and SEK 406 000 respectively from the VINNOVA program "Forska&Väx".
May 5, 2009
Highlights
- Oiido was acquired by 3M in March 2009 for 10,5 MSEK.
- Oxeon´s material TeXtreme is now used in e.g., Nike Bauer´s hockey sticks and in Formula-1 cars. The company secured industrial-scale production and closed its first license agreement for its unique technique. The turnover grew 350% and Oxeon is now “in the black”.
- Midorion launched its first instrument Midorion Z1 and attracted two important benchmark customers.
- Pharmasurgics raised 17 MSEK in financing from Karolinska Development, Östersjöstiftlesen and Midroc New Technology in May 2008. In March 2009 the company launched a clinical program for the novel candidate drug, PXL01, indicated for post-surgical adhesion prevention.
- Aidera recieved FDA-approval for its Diasend technology/device in the beginning of 2009.
- ICU Intelligence formed a partnership with bwin – a large online gaming company. The aim is to develop a system that prevents systematic cheating, e.g. poker bots.
- Lumina Adhesives attracted 3,6 MSEK in venture financing in February 2009 from ABSF, AB Chalmersinvest, Innovationsbron and M.A.H Investment.
- Ecoera shifted its business focus to biochar carbon sequestration and was appointed as one of Globe Forum’s 100 Sustainable Innovators in a global scanning.
- Eilogistik reached a turnover of 10 MSEK and started generating a net profit. Its spin out - Portomus, launched its postage optimization service at the end of the year.
- Arterion finalized its first 13-month long animal study with promising results. The company was listed as top 33 of Sweden´s hottest technical companies by Affärsvärlden and NyTeknik. In april 2009, Arterion closed its first round of financing, raising over 2MSEK in total.
- Vasasensor started a customer installation at Stora Enso Nymölla mill and secured a large grant from Vinnova. The company´s patent was approved in the US, and the company will now raise financing for its market introduction.
- Minesto raised 3,5 MSEK in a round where Verdane Capital was one of the investors. The company has achieved far-reaching discussions with industrial partners.
Jun 3, 2008
Highlights
- Total value of all companies arising from the incubator is all time-high at 66 MEUR.
- The total turnover of the portfolio companies now exceeds 14 MEUR.
- The companies employ 220 persons and have been granted 66 patents.
- Arterion researchers receives 1 MEUR from Stiftelsen Strategisk Forskning
- 5.8 MEUR in total venture capital investments.
- Project Capeco receives 210 000 EUR in VINN Verifiering (an early stage financing from VINNOVA).
- Over 90% of the projects from the pre-incubator continue in the innovation system after the educational project year – an all time high!
- Minesto placed second in both Venture Cup Väst 06/07 and Venture Cup Sweden 06/07.
- Ecoera and Parans were among the 12 companies selected to World Wildlife Federation’s list of “Companies for climate change”.
- CSE Holding and CSE Incubation attract new grants from EU and Elof Hanssons foundation as well as sponsoring from InnovationsKapital.
May 31, 2007
Highlights
- Total portfolio value is at all-time high, 56 MEUR.
- Total turnover of all portfolio companies exceeds 14 MEUR.
- Denator gets 0.6 MEUR in investments 2 months after leaving the pre-incubator.
- 5 MEUR in total venture capital investments, among others Oxeon (0.9 MEUR) and Vasasensor (0.6 MEUR).
- Exit in Vehco which was the last portfolio company from the profitable year of 2001.
- The first year of running GIBBS turned out with continuation of all four projects.
- GIBBS appeared in Nature Biotechnology Magazine.
- Awardwinning companies in Venture Cup, Denator (1st place) and Arterion (3rd place).
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