Marine energy developer Minesto and energy technology company Schneider Electric have signed a memorandum of understanding for development of ocean energy farms.
Working together, the companies aim to fast-track the commercial roll-out of energy generation from marine sources.
The planned ocean energy farms will use Minesto’s Deep Green technology to generate electricity from ocean currents. They will also integrate Schneider’s experience and products to manage the equipment and increase efficiency.
The collaboration will focus on technical system integration and project management to sales and project finance opportunities.
Schneider Electric Power and Grid Segment president Gary Lawrence said: “We look forward to working with Minesto to bring ocean energy into the global renewable energy mix, balancing variable renewables with predictable, renewable baseload.
“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.”
Under the collaboration, Minesto and Schneider will focus on development of projects ranging from smaller microgrid installations to multi-megawatt farms.
Additionally, the companies intend to engage with independent power producers and electric utilities.