Swedish tidal developer Minesto has raised $8.95m through the sale of around 5.27m shares via the Nasdaq First North Stockholm exchange.

The capital will be used partially to fund its demonstration project off Anglesey in north Wales featuring Minesto's 500kW Deep Green tidal kite technology plus other projects in its pipeline.

“The strategy of product range enhancements together with site and market development in the EU and Taiwan is firm and will be funded by the now acquired equity together with existing and new public funding,” said Minesto chief executive Martin Edlund.

In a related development, the Malin Group has completed the fabrication of a 100-tonne buoy which will support the operation of the Deep Green device at Holyhead Deep.

It will be transported by road from the fabrication facility in Renfrew to the King George V dock on western Scotland’s river Clyde to complete its fitout and commissioning works prior to installation in the spring.

The unit will provide power and data communications for the Deep Green turbine, as well as acting as a so-called floating microgrid to facilitate grid compatibility testing of the subsea tidal generator.

Image: Deep Green tidal kite (Minesto)