The collaboration aims to develop commercial tidal energy opportunities in the Maldives, where Minesto’s unique Dragon technology has the potential to contribute to the country’s challenging renewable energy transition while preserving its unique natural environment.
The Maldives faces significant challenges in transitioning towards renewable energy. Its geographically dispersed islands rely heavily on imported diesel for electricity generation, resulting in high energy costs and carbon emissions. At the same time, tourism is a cornerstone of the country’s economy, placing particular importance on developing renewable energy solutions that preserve its pristine natural environment and scenic landscapes.
Minesto’s Dragon technology offers a promising solution to these challenges. Its ability to efficiently generate electricity from low-flow tidal streams and ocean currents, combined with lightweight and cost-effective installation and maintenance concepts, enables deployment opportunities in the Maldives contrary to other known tidal technologies. Operating entirely underwater, the technology generates predictable renewable electricity without visual impact on the surrounding landscape, making it particularly relevant for island tourist destinations.
Under the MOU, Minesto and Morteza Capital will jointly pursue commercial project opportunities in the Maldives. The collaboration combines Minesto’s proven technology and technical expertise with Morteza Capital’s regional market knowledge, established stakeholder networks, and capabilities in project development and investment structuring.
Dr. Martin Edlund, CEO of Minesto, said: “The transition away from diesel-based electricity generation is challenging for island communities, particularly where preserving the natural environment is essential to the local economy. The Maldives is a market where our technology has the potential to make a real difference. Our collaboration with Morteza aligns perfectly with our go-to-market strategy. We seek to combine our technology and tidal energy know-how with strong local expertise and commercial development capabilities to pursue tidal deployment opportunities.”
“The Maldives has ambitious but challenging renewable energy aspirations to reduce reliance on imported fossil fuels. We see strong potential for Minesto’s innovative tidal energy technology to help overcome these challenges. By combining Minesto’s proven technology with our local networks, investment expertise, and project development capabilities, we aim to create a pathway towards commercially viable tidal energy projects that support the country’s energy transition while preserving its exceptional natural environment,” said Ghaly Murthala, Managing Director of Morteza Capital.
Minesto has been awarded funding from the Nordic Project Fund (Nopef) to support market development activities in the Maldives. The company intends to utilize this funding to support continued development of opportunities in the market. The collaboration with Morteza Capital forms part of Minesto’s broader strategy to accelerate international market development through close long-term partnerships with local and regional energy project developers and investors.
