What is Minesto?
Minesto specializes in the design and deployment of innovative kite systems that generate electricity from low-velocity tidal streams and ocean currents. Unlike traditional offshore wind or solar installations, Minesto's modular power plants offer a highly predictable energy output, addressing the intermittency challenges that often plague renewable portfolios. The company is currently positioned as a critical player in the energy transition, notably supporting ambitious regional initiatives such as the Faroe Islands' goal to achieve 100% renewable energy by 2030. Their lightweight, scalable architecture allows for deployment in diverse marine environments, effectively unlocking vast, previously inaccessible energy resources for a sustainable future.
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
European Regional Development Fund
The European Regional Development Fund (ERDF) aims to reinforce economic and social cohesion by supporting the development of regional economies through innovation and sustainable job creation.
KIC InnoEnergy
EIT InnoEnergy is a European organization dedicated to fostering competitiveness and sustainable economic growth by investing in innovative energy startups and research collaborations.
Swedish Energy Agency
The Swedish Energy Agency is a government body focused on facilitating the transition to a fossil-free energy system through strategic financial support and research guidance.
What's next for Minesto?
With the recent infusion of capital, Minesto is poised to accelerate its commercialization roadmap, focusing on the scaling of its subsea kite arrays and the optimization of its power conversion systems. The company's strategic trajectory involves deepening its footprint in international markets where tidal energy can serve as a reliable baseload power source. As the global demand for fossil-free energy intensifies, Minesto's ability to deliver consistent, predictable power will be central to its long-term growth. Future efforts will likely prioritize the integration of its technology into national grids and the expansion of its manufacturing capabilities to meet the requirements of large-scale energy transition projects across Europe and beyond.
See full Minesto company page
