Minesto, leading ocean energy developer, today announces that the company has been selected by the European Commission to enter Grant Agreement Preparation (GAP) for funding of 20.2 M EUR million under the Innovation Fund (Call INNOVFUND-2025-NZT). The selected project, Euro Dragon Farm, is a first-of-its-kind 10 MW tidal kite array planned for deployment in Ireland. Minesto now enters the GAP phase to finalise and sign the grant agreement with the European Climate, Infrastructure and Environment Executive Agency (CINEA). This process will be finalized in the first quarter of 2027.
Minesto has been selected by the European Commission to enter Grant Agreement Preparation for funding of 20.2 M EUR under the EU Innovation Fund. The selected project, Euro Dragon Farm, is a proposed 10 MW tidal kite array in Ireland. The 20.2 M grant will cover 60 percent of the Euro Dragon Farm investment needed.
"Being selected for this 20.2 M EUR grant contribution to our latest project development opportunity, the Euro Dragon Farm, is the most significant commercial milestone in Minesto's history so far. Our dragon technology competitiveness, attractiveness of the Dragon Farm investment case and our assessed project execution capability have been highly rated, resulting in Minesto being selected to spearhead the commercial build-out of Europe's tidal energy sector," says Dr Martin Edlund, CEO of Minesto.
About the project:
The Minesto Euro Dragon Farm, the EU's first Dragon Farm tidal energy project, aims to demonstrate a tidal array in Irish coastal waters, delivering up to 10?MW of predictable renewable electricity to the grid. The project deploys a first-of-its-kind technology tailored to low-velocity tidal currents, using a cost-efficient low-weight design. The project will create local supply-chains and skills development and provide a replicable and exportable solution that strengthens Europe's long-term energy security and resilience.
For more information:
Commission invests €3.4 billion in net-zero technology projects
Contact
Cecilia Sernhage, Chief Communications Officer
+46 (0)735 23 71 58
ir@minesto.com
The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 15:20 CEST on 19 October 2026.
About Minesto
Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling plannable commercial power production from the ocean.
Minesto's award winning and patented product is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.
Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales and Taiwan. Major shareholder in Minesto is Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via minesto.com/media
Financial information including reports, prospectuses and company descriptions is available in Swedish at www.minesto.com/investor.
