Minesto’s CEO: Brexit will not affect Wales tidal project

Martin Edlund (Photo: Minesto)

Following the outcome of the EU referendum in UK, where the majority of the British people voted for an exit from the EU, Minesto has issued the response on the referendum outcome stating it would not affect company’s EU tidal energy project in Wales.

The Sweden-based tidal energy developer has stated that the results of the referendum, known as Brexit, will not affect Minesto’s EU project to demonstrate the first full-scale device of its subsea tidal kite technology called Deep Green off the coast of Anglesey, which is now in the delivery phase.

As reported earlier, Minesto secured a €13 million grant in May 2015 from the European Regional Development Fund through the Welsh European Funding Office (WEFO), part of the Welsh Government.

Commenting on the outcome of the British EU referendum, Martin Edlund, CEO of Minesto, said:

“The referendum results will not affect Minesto’s EU project in Wales. The financial support is secured and tidal energy is now more important than ever for the region.

“During the period when Britain negotiates the conditions for leaving the EU, the question marks for every overseas business looking to invest in the UK will gradually be answered. What we do know now is that our financial support from WEFO remains in place. This EU-funded project has already seen several new jobs created in Holyhead, and Minesto is fully committed to develop our first tidal energy array and to build our future assembly facilities in North Wales.

“In marine energy, Britain has the potential to lead a new export industry as it is one of the country’s most promising emerging industries with significant growth potential. Our assessment is that the political will and different forms of market support will remain and advance.”

“The UK is one of many internationally, promising markets for the Deep Green technology. For many years now, we have been developing market opportunities in a number of countries where our technology has great potential. This work will be intensified according to current plans, while we will continue to build our initial operations in Wales.”

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