What is Minesto?
Minesto specializes in the development and deployment of innovative kite systems designed to harness energy from ocean currents and tidal streams. Unlike conventional wind or solar infrastructure, Minesto's technology utilizes the predictable nature of underwater currents to generate consistent, baseload-capable electricity. The company's modular approach allows for scalable energy solutions, making it an ideal partner for ambitious clean energy initiatives, such as the Faroe Islands' goal to achieve 100% renewable energy by 2030. By focusing on high-efficiency, low-impact marine energy, Minesto is effectively unlocking new frontiers in the renewable energy market, providing a robust alternative to fossil fuel-dependent power grids.
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 focuses on strengthening economic and social cohesion by supporting innovation, competitiveness, and sustainable job creation across European regions.
KIC InnoEnergy
EIT InnoEnergy is a European innovation engine that fosters cooperation between business, education, and research to accelerate the transition to sustainable energy.
Swedish Energy Agency
The Swedish Energy Agency is a government body dedicated to promoting a secure energy supply and facilitating the transition to a fossil-free system through research and innovation support.
What's next for Minesto?
With the successful closure of this major strategic investment, Minesto is well-positioned to accelerate its commercialization roadmap. The company is expected to focus on the industrialization of its kite systems, optimizing manufacturing processes to reduce the levelized cost of energy (LCOE) for its utility-scale projects. Strategic priorities likely include the expansion of its project pipeline in key maritime markets and the strengthening of its supply chain to support rapid deployment. As the global demand for reliable, non-intermittent renewable energy intensifies, Minesto's ability to deliver predictable power from the ocean will be central to its long-term value proposition and market leadership in the blue economy.
See full Minesto company page
