Minesto and Stena Line engage in joint project for build-up of the renewable energy sector in Wales
Swedish-based companies Minesto and Stena Line engage in a joint project to invest in Wales’ transition to renewable energy. Stena Line will build an assembly hall in Holyhead, which Minesto will utilise in their upcoming rollout of the company's unique technology to generate clean electricity from the ocean.
Minesto and Stena Line have today signed an agreement in which Stena Line has committed to building an assembly hall on their land at the port in Holyhead, Wales. The assembly hall will be leased to Minesto and used for the upcoming rollout of Deep Green, Minesto’s unique technology for cost-effective electricity production from slowly flowing underwater currents.
Minesto’s first commercial power plant array will be installed in Holyhead Deep off the coast of North Wales. The company recently announced plans to expand the project from 10MW to 80MW installed capacity. This expansion would allow Minesto’s power plants to supply as many as 80,000 Welsh households with locally produced, reliable and renewable electricity.
The assembly hall in Holyhead Port is a key part of this process, allowing both assembly and service & maintenance of the power plants to take place in Holyhead Port.
“We are very pleased to have finalised this agreement with Stena Line. With its direct quay access for offshore transports to and from site we have secured a unique location that suits us perfect. In the establishment of our technology, it is also crucial to work with professional and long-term partners such as Stena Line. We are two companies from Gothenburg, exploiting these ocean energy business opportunities together in Wales, which adds to the excitement”, says Dr Martin Edlund, CEO of Minesto.
Stena Line has been active in Holyhead for many years, as owner of the port and through the company's ferry operations on the Irish Sea, with five routes connecting Ireland and Great Britain.
“This investment creates value for Stena Line in several ways and demonstrates opportunities in port operations linked to ocean renewables”, says Björn Petrusson, Chief Commercial Officer at Stena Line. “Our sustainability strategy has a clear focus on clean energy so participating in the development of new renewable energy sources is natural to us. This investment is good for our business and is also an investment in a better future for all of us”, Björn Petrusson concludes.
The assembly hall is scheduled for completion in June 2017.
For additional information please contact:
Communications Manager, Minesto AB
+46 70 570 75 08
Press and media manager Stena Line
+46 704 85 85 32
Minesto is a marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from low-velocity tidal and ocean currents.
Minesto’s award winning and patented product, Deep Green, is the only proven marine power plant that operates cost efficiently in areas with low-velocity currents.
In May 2015, Minesto secured a €13m investment from the European Regional Development Fund through the Welsh European Funding Office, for the commercial rollout of Deep Green.
Minesto was founded in 2007 and has offices in Gothenburg, Sweden, Holyhead, Wales and Portaferry, Northern Ireland. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on the Nasdaq First North Stockholm stock exchange, with G&W Fondkommission as Certified Adviser.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via bit.ly/minestomedia.
The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 09:00 CET on 24 February 2017.