EIT InnoEnergy joins BGA Invest and Midroc New Technology as a major shareholder in Minesto as it converts previously issued warrants to shares.

Today, EIT InnoEnergy, the European innovation engine for sustainable energy supported by the European Institute of Innovation and Technology, has exercised warrants issued in previous years subscribing 7,121,561 shares in Minesto. This move makes EIT InnoEnergy the third-largest shareholder in the Swedish marine energy developer alongside main owners BGA Invest and Midroc New Technology. The support given is with the ambition to make the company the biggest success in the tidal energy and paving the way to become a major energy equipment company that will reinforce the European leadership in the renewable energy sector.

With more than €500 million invested in innovations in the energy sector, InnoEnergy is a European powerhouse in supporting and bringing new ideas and products to the market. In 2015, EIT InnoEnergy made its first investment in Minesto and its largest ever at that time in marine energy with €3.5 million. EIT InnoEnergy has since continued to support Minesto with further investments towards the further development and commercialisation of Deep Green, Minesto’s unique tidal energy technology.

Javier Sanz, Thematic Leader for Renewable Energies at EIT InnoEnergy and Minesto board member, stresses that “The technology, the team and the core investors in Minesto, have prevailed for taking such a decision. Projects in Holyhead and Faroe Islands clearly show there is a high potential for a very successful commercial evolution in the upcoming years. This is a cornerstone for the blue energy sector, and as a result, is of great value to us.”

“EIT InnoEnergy’s commitment underlines the role of ocean energy by Minesto’s technology in the global transition to a renewable energy system. As a major investor in Minesto and in opening up its ecosystem, InnoEnergy has been a key supporter of ours and played an important role in our development”, said Dr. Martin Edlund, CEO of Minesto.