EU picks Minesto for €20.2M grant to build Ireland tidal kite farm
What's the deal? Swedish ocean energy developer MinestoDealroom has a profile for this one. Try Dealroom → has been selected by the European CommissionDealroom has a profile for this one. Try Dealroom → for a €20.2 million (≈$22.7 million) grant from the EU Innovation FundDealroom has a profile for this one. Try Dealroom →. The money is earmarked for Euro Dragon Farm, a proposed 10 MW tidal kite array in Irish coastal waters. The company has now entered Grant Agreement Preparation with CINEADealroom has a profile for this one. Try Dealroom →, the EU's climate and infrastructure executive agency, with the process expected to conclude in the first quarter of 2027.
What's the endgame? Minesto builds "dragon" tidal kites designed for low-velocity currents, using a low-weight design to cut costs. Euro Dragon Farm would be the EU's first Dragon Farm project, aiming to deliver up to 10 MW of predictable renewable electricity to the grid. The grant would cover about 60% of the investment needed.
Why now? The award is part of a wider Innovation Fund round that selected 77 net-zero projects for €3.4 billion, drawn from 358 applications seeking €17.5 billion. The scale of demand underscores both policy backing for clean-tech demonstrations and the competition for public capital.
"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," said chief executive officer Martin Edlund.
What could go wrong? The grant is not yet finalised. Minesto must still sign the formal agreement with CINEA and secure the remaining financing to build the farm. The company, which carries a market value of about 266 MSEK, has run operating losses and completed a rights issue in 2025.
The signal: By amount, the award ranks among the top 3% of all-time grant rounds for deep-tech companies in Sweden. It positions Minesto to help lead Europe's early tidal energy build-out — if the agreement and the rest of the money follow.
Read more: globalrenewablenews.com
Image credit: BOEM-OPA
