Presentation

Minesto is a late-stage development marine energy company aiming to commercialize its “Deep Green” (DG) technology for extracting renewable energy from the ocean. Minesto is headquartered in Gothenburg, Sweden, with test sites in Europe, Asia and North America. Minesto was listed at NASDAQ Stockholm in November 2015.

The concept behind Deep Green was invented by Magnus Landberg and first presented in a turbine study within Swedish aerospace company Saab’s R&D department. The invention, known at the time as Enerkite, was further developed and tested at Chalmers University in Gothenburg, Sweden. Since Minesto was founded in 2006, several generations of Deep Green prototypes have been developed, and the system’s size and maturity have increased for each generation. The technology is now fully de-risked in 1:4 scale and in 2018 the company reached a technology readiness level 7 when the first commercial-scale prototype was installed and tested. The next level was reached when the system was fully installed and connected to the grid at the Faroe Islands December 2020, and its technology is currently progressing for commercial levels