What is Minesto's 'Deep Green' technology?

Minesto's 'Deep Green' technology is an innovative tidal energy system that utilizes an underwater 'kite' tethered to the seabed. This kite is designed to fly in a figure-of-eight motion within ocean currents, generating a powerful hydrodynamic lift that drives a turbine to produce electricity, even in areas with relatively low current speeds.

Why is Iceland a strategic location for tidal energy development?

Iceland possesses extensive coastlines and strong, consistent ocean currents, making it an ideal location for harnessing tidal energy. While already rich in geothermal and hydropower, exploring tidal energy allows Iceland to further diversify its renewable energy sources, enhance energy security, and potentially export green energy in the future.

What is the significance of signing a Memorandum of Understanding (MoU) in this context?

An MoU signifies a preliminary agreement and a mutual intent between Minesto and Haf-Afl to collaborate on tidal energy projects. It outlines the framework for their cooperation, paving the way for more detailed negotiations, feasibility studies, and potentially binding contracts in the future, without committing to immediate financial investment or project execution.

Offshore Energy · February 3, 2026 (Feb 3) · 1 min read

Swedish tidal energy developer makes move into Iceland

Analysis

OilCyprus Editorial

Swedish tidal energy specialist Minesto has formalized a collaboration with Icelandic partner Haf-Afl through a Memorandum of Understanding. This agreement signals Minesto's strategic expansion into the Icelandic market, aiming to leverage the region's strong marine currents for renewable energy generation. For Iceland, it represents a potential step towards diversifying its already robust renewable energy mix with predictable tidal power.

Key Facts

Swedish company Minesto, a tidal energy developer, has signed a Memorandum of Understanding (MoU).
The MoU was signed with Haf-Afl, an Icelandic entity.
The agreement focuses on the development of tidal energy projects in Iceland.
Minesto specializes in 'Deep Green' marine energy technology, which utilizes underwater kites to harness tidal and ocean currents.
The collaboration aims to explore and potentially develop commercial-scale tidal energy installations.
This move marks Minesto's entry into the Icelandic renewable energy market.
Haf-Afl is expected to provide local expertise and support for project implementation.

Background & Context

Tidal energy, a highly predictable form of renewable power, harnesses the kinetic energy of ocean currents and tides. Minesto has been a pioneer in this sector with its unique 'Deep Green' technology, which uses tethered underwater kites to generate electricity efficiently even in low-flow currents. Iceland, while renowned for its extensive geothermal and hydropower resources, is increasingly exploring other renewable avenues to enhance energy security and diversify its grid, making it an attractive location for marine energy developers.

Market Impact

This MoU provides Minesto with a significant opportunity to expand its operational footprint and validate its Deep Green technology in a new, resource-rich environment. For Iceland, it offers a pathway to integrate a stable, non-intermittent renewable source into its energy portfolio, complementing its existing hydro and geothermal base. The agreement also underscores the growing global interest in marine energy as a viable component of the future energy mix, potentially attracting further investment and innovation into the sector.

What to Watch

The immediate next steps will involve detailed feasibility studies and site assessments to identify optimal locations for tidal energy deployment in Iceland. Success in these initial phases could lead to pilot projects and, eventually, commercial-scale installations, contingent on regulatory approvals and securing necessary financing. The progression of this partnership will be a key indicator for the broader marine energy industry's potential for market expansion.

Frequently Asked Questions

What is Minesto's 'Deep Green' technology?: Minesto's 'Deep Green' technology is an innovative tidal energy system that utilizes an underwater 'kite' tethered to the seabed. This kite is designed to fly in a figure-of-eight motion within ocean currents, generating a powerful hydrodynamic lift that drives a turbine to produce electricity, even in areas with relatively low current speeds.
Why is Iceland a strategic location for tidal energy development?: Iceland possesses extensive coastlines and strong, consistent ocean currents, making it an ideal location for harnessing tidal energy. While already rich in geothermal and hydropower, exploring tidal energy allows Iceland to further diversify its renewable energy sources, enhance energy security, and potentially export green energy in the future.
What is the significance of signing a Memorandum of Understanding (MoU) in this context?: An MoU signifies a preliminary agreement and a mutual intent between Minesto and Haf-Afl to collaborate on tidal energy projects. It outlines the framework for their cooperation, paving the way for more detailed negotiations, feasibility studies, and potentially binding contracts in the future, without committing to immediate financial investment or project execution.

Read on Offshore Energy