Swedish marine energy developer Minesto has been selected by the European Commission for phase one of the Horizon 2020 SME Instrument programme.

The awarded phase 1 grant of €50,000 will be used for a feasibility study of commercialisation for Minesto’s Deep Green DG100 energy converter.

Minesto’s proposal was one of the few selected by the European Commission out of 2148 applications from small and medium-sized enterprises in 43 countries.

The Horizon 2020 SME Instrument programme was set up to support innovation for products, services or processes designed for global markets.

The initiative is divided into different phases, with €50,000 grants for feasibility assessment purposes available in phase 1, and phase 2 grants in the range of €500,000–€2.5m or more for innovation development and demonstration purposes.

Minesto chief executive Martin Edlund said: “This grant underscores Minesto’s ability and industry-leading track record in obtaining public funding support from the EU."

Image: Minesto