Minesto was founded 2007 as a spinoff from aerospace manufacturer SAAB. At SAAB, an engineer had invented and patented a concept to use a wing with a turbine attached underneath, to convert the kinetic energy in slowly flowing tidal streams to clean electricity. The company has since then developed that concept, which is called the Deep Green technology. Today, the technology has been verified both in model scale and commercial full scale, and Minesto has operations and projects in both Europe and Asia to proceed the commercialisation of the company’s renewable energy technology.
How many staff members are on the team currently & do you find it difficult to find quality local and international staff?
We have some 55 employees in Sweden, Wales, Northern Ireland and Taiwan. There is always competition for capable engineers, but the (irresistible) engineering challenge and the opportunity to be part of something that can make a difference to the world certainly put us in a very good position when it comes to recruiting and keeping talent.
Do any of the staff and or management team hold any shares within the company?
Both staff and management own shares and stock options in Minesto. Per 31 March 2019, the management team together held a total of 59,450 shares and 780,000 stock options.
During your time at the company, what's been your greatest achievement thus far?
One obvious highlight is when we in 2018 for the first time verified and generated electricity with a Deep Green system in commercial scale, off the coast of North Wales. That was a fantastic achievement by the team and a milestone not only for Minesto but for the entire marine energy industry. Late last year, we were also delighted to sign a collaboration agreement with our first customer, the electric utility SEV in the Faroe Islands.
What is your medium to long-term goal & has it been consistent for some time?
To establish the company’s product in the market and start selling our product. As we develop a novel technology in an emerging energy industry, we work after a stepwise commercialisation strategy where we initially are driving in establishing projects where our equipment is installed, such as our current projects in Wales and the Faroe Islands. Gradually, we will leave this part of the value chain to focus on our core business: selling products and associated hardware and services.
What sets your company apart from others within your industry?
Minesto introduces a game-changing technology to generate clean electricity from a renewable resource that is completely untapped, the world’s oceans. Utilising this energy source will be extremely important to achieve a sustainable global transition to safe, clean and cost-effective energy systems. This is where Minesto’s technology comes in – our product can play an integral part of this development.