What is Minesto?
Minesto is at the forefront of harnessing predictable ocean movements through its proprietary kite systems. Unlike intermittent sources such as wind and solar, Minesto's technology offers a reliable and potentially affordable renewable energy solution. The company's focus on lightweight, modular power plants positions it to unlock new avenues for clean energy generation, targeting ambitious clean energy initiatives like the Faroe Islands' goal of achieving 100% renewable energy by 2030. This strategic direction highlights Minesto's commitment to advancing sustainable energy infrastructure.
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 competitiveness and sustainable growth through innovation in the energy sector. They foster collaboration among leading business, education, and research organizations to power entrepreneurship.
Swedish Energy Agency
The Swedish Energy Agency is a government body dedicated to promoting a secure and fossil-free energy system. They support research, innovation, and energy efficiency initiatives across various sectors.
European Regional Development Fund
The European Regional Development Fund (ERDF) supports regional economic development by focusing on competitiveness, innovation, job creation, and sustainable development within the European Union.
What's next for Minesto?
With the recent major strategic investment, Minesto is poised to accelerate the deployment and scaling of its ocean energy technology. The company's trajectory suggests a focus on expanding its market reach and solidifying its position as a key player in the marine energy sector. Future developments will likely involve further technological refinement and strategic partnerships to capitalize on the increasing global demand for diverse renewable energy sources. The company's ability to tap into consistent ocean currents provides a unique advantage in the evolving energy landscape.
See full Minesto company page
