January 29, 2010 05:48 ET

Minesto selected to present at CleanEquity Monaco 2010

GOTEBORG, SWEDEN--(Marketwire - January 29, 2010) - Minesto has been selected to present at CleanEquity Monaco 2010, the foremost event for next generation clean and green technology. The conference takes place March 4th and 5th at the Sporting d'Hiver, Monaco.

Minesto, a Swedish and UK based company, develops new technology for electricity generation from slow water currents. This niche opens up entirely new areas for electricity production from the seas. In the UK, the estimated power from tides increases from around 22 TWh to 40 TWh, which corresponds to 3.8 million additional households.

The Deep Green device is a radically new principle for energy extraction from the ocean. It is the next generation of tidal power plant that can provide electricity to a broad range of countries worldwide. The new technology will contribute to a substantial increase of power from the tides with its ability to produce energy from areas where other technologies are less efficient. The main reason for this is the extended site areas available when looking at sites with a current velocity of 1.2- 2.2m/s and depths between 60-120 meters. In the UK, Deep Green alone adds 18 TWh of electricity potential utilised from tides.

In 2007 the technology was evaluated and taken up in the Marine Energy Accelerator (MEA) program by The Carbon Trust in a bid to accelerate the move to a low carbon economy. Approximately 60 technologies have been evaluated; only 2 have been accepted into the program. Carbon Trust is an independent company, set up by the UK Government in 2001 aiming to accelerate the commercialisation of cost efficient marine energy technologies.

"The Minesto device is a key component in the Carbon Trust's strategy to develop novel devices which represent the next generation of marine renewable energy," said Tom Delay, chief executive of the Carbon Trust.

Minesto's technology originates from the wind department at SAAB Group in Sweden. It was quickly determined that the concept was more suited for water, which is 832 times more dense than air. Since it was then beyond SAAB's core business it was spun out and Minesto was formed in 2007. Today the company has proven the concept and is now ready to commercialise the technology.

"To be selected to present at CleanEquity Monaco proves once again that Minesto have a revolutionary technology and the ability to commercialise it," says Anders Jansson, CEO of Minesto.

Anders Jansson

+46 31-7602102

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