Swedish marine energy company Minesto has raised €13.3m (US$14.5 million )from its initial public offer, with shares to start trading on First North at NASDAQ Stockholm on November 9.
Minesto’s tidal power plant, Deep Green, generates electricity from tidal and ocean currents. Since 2006 the company has invested more than €20 million in the development of the unique and patented technology.
Deep Green has been producing electricity off the coast of Northern Ireland for more than two years, and is the only proven marine power plant that operates efficiently in areas with low velocity currents. Minesto intends to use the net proceeds of the share sale to fund the company to a commercial phase.