Schneider Electric, the global leader in the digital transformation of energy management and automation and the leading marine energy developer Minesto, have entered a Memorandum of Understanding to work together to develop and build ocean energy farms based on Minesto's Deep Green technology.
The collaboration between Minesto and Schneider Electric aims at accelerating the commercial roll-out of marine energy to enable the global transition towards net-zero societies, where energy systems that include plannable, renewable energy production are necessary.
"We look forward to working with Minesto to bring ocean energy into the global renewable energy mix, balancing variable renewables with predictable, renewable baseload," said Gary Lawrence, Power and Grid Segment President at Schneider Electric. "For us it has been of significant importance to enter the marine energy sector together with a partner developing a game-changing technology with both a global market and a potential for energy production at competitive cost of energy."
To leverage the value proposition of ocean energy to customers, Minesto and Schneider Electric will engage with lead-users among independent power producers and electric utilities and integrate Schneider Electric's know-how and products with Minesto's pioneering tidal and ocean current energy technology.
Projects ranging from smaller microgrid installations to multimegawatt farms will be jointly identified, assessed, and developed, including exploiting the parties' existing pipelines of leads. The collaboration will reach from technical system integration and project management to sales and project finance opportunities.
"We are delighted to join forces with Schneider Electric, a global leader in energy transition and digital transformation. It is for us a strategic partnership that will play a pivotal role in the commercial rollout of the Deep Green technology," said Dr Martin Edlund, CEO of Minesto. "Schneider Electric's global presence, technological edge and expertise in integration of renewable energy production and microgrids will significantly enhance Minesto's value proposition to customers and renewable energy project investors."
Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean. Minesto's award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.
SOURCE: Schneider Electric Canada Inc.