New innovations | Waves of innovation
Ground-breaking industry developments have been taking place in the tidal and wave energy arena
“Minesto has shown a strong commitment to
the Faroe Islands operations and the technology is in steady progress. We are looking forward to the upcoming scale-up of the dragons as well as continued site development work in Hestfjord,” added Hákun Djurhuus, CEO of SEV. It’s not just in the Faroe Islands where Minesto is
reaching commercial milestones – just last month it announced it has received its first historic sales order of site development services for Dragon Class tidal energy powerplants to a major corporation in the Asian offshore energy sector. The work is planned to be completed in the first
Above: Minesto is working to pave the way for tidal energy to become a core part of the Faroese energy mix
IN THE FAROE ISLANDS, Minesto is part of one of the world’s most ambitious energy transition schemes. Collaborating with the electric utility company SEV, Minesto is working to pave the way for tidal energy to become a core part of the Faroese energy mix, allowing them to reach 100% renewable energy by 2030. Since it initially signed a collaboration back in November 2018, Minesto has achieved significant milestones at the site. Back in July 2022, it successfully commissioned the first 100kW unit of tidal power plant ‘Dragon 4’ in grid-connected operation, with the commissioning results verifying commercial performance. In December, it then successfully completed additional offshore infrastructure installation to double electricity production from two Dragon 4 (100kW) tidal energy power plants in an array set-up. In January 2023, Minesto and SEV renewed and
expanded the collaboration agreement outlining respective roles and responsibilities related to tidal energy build out in the Faroe Islands, including the ongoing electricity production in Vestmannasund and the first large scale tidal array in Hestfjord. An important add-on to the extended agreement
Below: Installation of the subsea cable in Vestmannasund, Faroe Islands Image courtesy of Minesto
stipulates the exclusive nature of the collaboration regarding the Hestfjord site development and build- out. This aspect facilitates and supports the ongoing work to create an attractive investment and the set-up of a Special Purpose Vehicle (SPV) to funnel project investments, Power Purchase Agreement (PPA), potential public funding (e.g., EU) and other assets. The agreement also outlines the expanded operation at the existing Vestmanna production site. The collaboration is based on sharing of production and performance data from ongoing operations as well as in-depth analysis of site characteristics of the existing and planned site locations for joint business case assessments. “Strengthened and extended collaboration with the utility company SEV is a corner stone for Minesto in creating one of our first tidal energy arrays. SEV’s role as a pioneer customer, infrastructure provider and obvious leading local actor is highly appreciated and valued,” said Dr Martin Edlund, CEO of Minesto.
18 | February 2023 |
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quarter of 2023 and has an initial order value of €35,000. Minesto offers a structured approach to site identification and evaluation based on hands-on experience from existing sites in Wales, U.K. and the Faroe Islands.
“Given the unique production site characteristics
of our technology, it is vital that we now offer these services to third-party project developers, in addition to our own ongoing site development activities,” said Edlund. Site development is the initial step for the offshore
energy sector to enter the ocean renewable value chain. Offshore operators also bring complementary strengths to Minesto with their established marine operations and experience in large energy infrastructure projects.
“It is most valuable for us that site identification and feasibility services engage independent project investors and energy project developers. Willingness to procure site identification and assessment is key to our product sales and large-scale build out. A milestone has been reached in the Asian market,” added Edlund.
Back in December, Minesto also announced it had signed two collaboration agreements for development in the Nusa Tengara Barat region, Indonesia. A Memorandum of Understanding (MoU) was signed between Minesto and the regional Eco Regions Indonesia, as well as a Letter of Intent (LoI) between Minesto and the Nusa Tengara Barat (NTB) region. The initiative in Indonesia is part of Minesto’s
broader market establishment in Southeast Asia. The Nusa Tengara Barat region has ambitious sustainability goals and is a forerunner in Indonesia’s energy transition. The regional commitment and availability of ocean currents make Nusa Tengara Barat a favourable entry market for Minesto in Indonesia. The collaboration agreements include feasibility studies on the natural resource, infrastructure, and finance, and are based on collaborative work to integrate Minesto’s technology as a part of the 100% renewable energy mix in the region, starting with the Special Economic Zone (SEZ). “Minesto has been received with serious and strong
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