£25m EU backed tidal energy project attracts inward investment to Anglesey

A Swedish energy company is setting up its UK headquarters in North Wales after securing £9.5 million of EU funds to develop a £25 million tidal energy initiative off the coast of Holyhead.

Swedish company Minesto will initially create around 30 direct jobs and hundreds more in the long term in areas like manufacturing, offshore operations and new project development as part of an innovative scheme called ‘Deep Green’ that will design, manufacture and test a low velocity device to produce electricity for thousands of homes from tidal and ocean currents.

Weighing seven tonnes and operating at least 15 metres below the water surface, Deep Green’s underwater ‘kite’ technology can operate in waters where no other known technology can perform as cost-effectively due to its unique ability to run in low velocity areas.

The proposed installation site in the southern corner of Holyhead Deep has been chosen to maintain separation from shipping lanes and to minimise impact on other sea users. Installation of the device will commence during the summer of 2017, and if successful the company will manufacture more ‘Deep Green’ devices from its assembly plant in Anglesey for export around the world, creating more jobs in the area.

The Welsh Government has been working with Minesto over a number of years on feasibility studies to help bring this investment to North Wales.

First Minister Carwyn Jones, said:

“I am delighted that our investment has helped pave the way for Minesto to set up its UK headquarters in North Wales.  It will create high quality jobs in what is a rapidly expanding and important sector for Wales.

“We have extensive raw wave and tidal energy resources along our shorelines, and this is an excellent example of commercial solutions being developed in Wales to help drive our potential to be a world-leader in the marine energy market. This investment will not only help create greener and more efficient sources of energy, but will also create jobs and vital opportunities for growth in North Wales.”

Anders Jansson, CEO of Minesto said:

“Establishing Minesto UK Headquarters in North Wales is a strategic decision that can make Wales a global leader within marine energy. We have been working closely with the Welsh Government to ensure that this investment will enable Minesto to move into commercialisation as well as to establish marine energy as a viable industry in North Wales and the UK.  This is great news not only for us as a company, but also for Wales as a nation and the entire marine energy industry.”

Finance and Government Business Minister, Jane Hutt, said:

“Over the next five years, £150 million of EU funds will be invested in renewable energy and energy efficiency, with a particular focus on marine energy in West and North Wales. The investment demonstrates how vital EU funds are to creating jobs and economic growth across Wales.”

A public exhibition is being held on Thursday 21 May at Holyhead Town Hall between 10.00am and 8.00 pm where members of the public will be able to meet Minesto staff and give feedback on the Deep Green development.