Minesto, a leading developer of ocean energy, today signs a Collaboration Agreement (MoU) that outlines the objectives, roles and responsibilities for strategic collaboration with Philippinestidal project developer, Poseidon Renewable Energy Corporation.
GOTHENBURG, Sweden, February 1, 2023 /PRNewswire/ — The Philippines is one of the largest markets for the deployment of tidal and ocean energy farms and the need for renewable electricity is growing both with economic development and ambitious new targets for increased share. renewable energies in the energy mix.
At the end of 2022, legislative changes were made to facilitate and promote a shift in the energy mix towards increased development of renewable energies with greater involvement of foreign investment. Building on improved legislation, Minesto signed a memorandum of understanding with the Philippines tidal site developer, Poseidon Renewable Energy Corporation, with the intention of collaborating to establish tidal energy with technology of Minesto in The Philippines.
In addition to extensive market leading experience in identifying and developing tidal sites in The Philippines, Poseidon Renewable Energy Corporation is also very well connected in key local areas. The tidal site developer holds several existing site permits and is locally well established in areas of specific interest for tidal power generation. This creates a mutual opportunity to shorten time to market and project risks related to environmental consents and permits.
“We believe Poseidon Renewable Energy Corporation’s experience, local commitment and entrepreneurial spirit make it a perfect partner with Minesto and our ambition to lead tidal energy construction in one of the world’s largest markets. tidal energy in the world South East Asia“, comments Dr. Martin EdlundCEO of Minesto.
Salvador TanCEO of Poseidon Renewable Energy Corporation says: “The energy of the oceans has been largely untapped in The Philippines despite the apparent potential of the energy source due to the scarcity of available technologies. Minesto and Poseidon will soon change that and finally unlock the promising ocean power.”
For more information, please contact
Cecilia Sernhage, communications manager
+46 735 23 71 58
The information contained in this press release is as required by Minesto AB (publ) to publicly announce in accordance with EU Market Abuse Regulation (MAR) No. 596/2014. The information has been submitted for publication, through the contact person listed above, to 08:30 CET to February 1, 2023.
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SOURCE Minesto AB