A deal was cracked between Faroese Power Company SEV and Minesto for installing tidal kite technology. This innovative technology will be installed in waters that are surrounding Faroe Islands. The deal holistically encompasses the operation, commissioning and installation of the two DG100 models of Minesto. Faroese Power Company SEV has also planned to acquire the electricity produced by kite technology by means of power purchase agreement.
SEV will be delivering infrastructures such as the grid connection as well as resources for yielding processes. CEO of Minesto, Martin Edlund had lately mentioned that their kite technology can benefit Faroese Power Company SEV with affordable and predictable means of clean energy along with extreme potential hold for transforming Faroe Islands into 100% renewable energy before the end of 2030.
DG 100 Model to Hype Revenue Sales of Minesto
DG 100 model, is Minesto’s subsea kite technology that weights between 1-2 tons and consists of a wing span that is 4-6meters and has a power rating of nearly 100Kilowatts. The kite technology by Minesto helps in harnessing underwater current that generates hydrodynamic lift force over the wings, thereby pushing it upwards. There is a rudder that steers kite in the figure of eight trajectory plus, as it “flies”, the water flows form the turbine that produces electricity.
CEO of SEV, Hakun Djurhuus had stated that being in remote island society eliminates their privilege of buying electricity from the neighboring nations. Considering the crucial circumstances, the company has taken immense efforts in carrying out tidal stream capacities, as this tidal energy being developed at the appropriate cost level would turn out to be a notable move in the long run for catering to the forthcoming hardships.
The kite technology of Minesto is set to be installed at a site in Vestmannasund that is located in the strait of North-West Faroe Islands. The initial unit is expected to be installed by 2019-end or by first quarter of 2020 and the second unit is likely to be installed before 2020-end.
EU Viewpoint on Ocean Energy
The European Commission is of the viewpoint that the “ocean energy” is highly renewable and abundant. EU further anticipates that ocean energy would potentially contribute nearly 10% of the power demand of European Union by 2050. The new technology would benefit in harvesting of energy from the tidal currents and low velocity ocean, thereby multiplying the potential of marine energy. This hydrodynamic principle-based kite technology is highly beneficial for beefing up operational purposes.