View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 15, 2021updated 05 Nov 2021 10:02am

Minesto and Schneider Electric collaborate on ocean energy farms

Marine energy developer Minesto and Schneider Electric have signed a memorandum of understanding to develop and build ocean energy farms.

By Umesh Ellichipuram

Marine energy developer Minesto and energy technology company Schneider Electric have signed a memorandum of understanding for development of ocean energy farms.

Free Report
img

Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
  • Market size and growth
  • Key drivers and restraints
  • Regional trends
  • The impact of the commodity price increase on the battery prices
Get ahead of this growing market and win big by utilizing our report.
by GlobalData
Enter your details here to receive your free Report.

Working together, the companies aim to fast-track the commercial roll-out of energy generation from marine sources.

The planned ocean energy farms will use Minesto’s Deep Green technology to generate electricity from ocean currents. They will also integrate Schneider’s experience and products to manage the equipment and increase efficiency.

The collaboration will focus on technical system integration and project management to sales and project finance opportunities.

Schneider Electric Power and Grid Segment president Gary Lawrence said: “We look forward to working with Minesto to bring ocean energy into the global renewable energy mix, balancing variable renewables with predictable, renewable baseload.

“For us it has been of significant importance to enter the marine energy sector together with a partner developing a game-changing technology with both a global market and a potential for energy production at competitive cost of energy.”

Under the collaboration, Minesto and Schneider will focus on development of projects ranging from smaller microgrid installations to multi-megawatt farms.

Additionally, the companies intend to engage with independent power producers and electric utilities.

Minesto CEO Dr Martin Edlund said: “Schneider Electric’s global presence, technological edge and expertise in integration of renewable energy production and microgrids will significantly enhance Minesto’s value proposition to customers and renewable energy project investors.”

“Beyond this, we will work to use this partnership to establish thought leadership and inform decision-makers on the opportunities and advantages of new complementary renewable energy technologies; not least building completely sustainable energy systems based on predictable baseload power generation from the ocean.”

Related Companies

Free Report
img

Battery energy storage will be the key to energy transition – find out how

The market for battery energy storage is estimated to grow to $10.84bn in 2026. The fall in battery technology prices and the increasing need for grid stability are just two reasons GlobalData have predicted for this growth, with the integration of renewable power holding significant sway over the power market. Over the last decade, various new digital and smart technologies have been integrated, with countries aggressively promoting the modernization of grids, enhancing the grids’ capability to meet present and future requirements. As part of the effort, batteries are being deployed for a wide range of uses. A few such uses include aiding smart grids, integrating renewables, and creating responsive electricity markets. Read this report for expert insights into:
  • Market size and growth
  • Key drivers and restraints
  • Regional trends
  • The impact of the commodity price increase on the battery prices
Get ahead of this growing market and win big by utilizing our report.
by GlobalData
Enter your details here to receive your free Report.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Wednesday. The power industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Power Technology