What is Minesto?
Minesto is at the forefront of harnessing predictable ocean movements to generate reliable and affordable renewable energy. Their proprietary technology utilizes advanced kite systems, differentiating them from more conventional renewable sources like wind and solar. The company's focus on lightweight, modular power plants positions them to unlock new energy resources. Minesto's strategic vision aligns with ambitious clean energy initiatives, such as the Faroe Islands' goal of achieving 100% renewable energy by 2030, targeting clients committed to significant energy transition projects.
How much funding has Minesto raised?
Minesto has raised a total of $23.5M across 5 funding rounds:
Grant
$15.4M
Private Equity
$4.1M
Private Equity
$1.2M
Grant
$654K
Debt
$2.2M
Grant (2015): $15.4M with participation from European Regional Development Fund
Private Equity (2015): $4.1M led by KIC InnoEnergy
Private Equity (2016): $1.2M supported by KIC InnoEnergy
Grant (2016): $654K featuring Swedish Energy Agency
Debt (2025): $2.2M, investors not publicly disclosed
Key Investors in Minesto
KIC InnoEnergy
EIT InnoEnergy is a European initiative focused on driving innovation and entrepreneurship in sustainable energy. They support businesses and research organizations to foster economic growth and a competitive energy sector.
Swedish Energy Agency
The Swedish Energy Agency is a government body dedicated to promoting a secure energy supply and advancing Sweden's transition to a fossil-free energy system through research, innovation, and efficiency initiatives.
European Regional Development Fund
The European Regional Development Fund (ERDF) supports regional economic development by investing in competitiveness, innovation, job creation, and sustainable development across European Union member states.
What's next for Minesto?
The recent major strategic investment in Minesto signals a pivotal phase for the company, likely enabling accelerated development and deployment of their ocean energy technology. This backing is expected to fuel expansion into new markets and further refine their power plant solutions. As the global demand for sustainable energy sources intensifies, Minesto's unique approach to tidal and ocean current energy positions it for significant growth and impact in the renewable energy sector. The company's trajectory suggests a move towards scaling operations and solidifying its position as a key player in the blue economy.
See full Minesto company page
