EU Backs Minesto's Tidal Energy Project in Ireland Under Strategic Industrial Initiative

## EU Recognises Minesto's Tidal Energy Project Under STEP Initiative Swedish ocean energy developer Minesto has received the European Commission's STEP Seal — awarded under the Strategic Technologies for Europe Platform — for its proposed Euro Dragon Farm tidal energy project in Ireland, the company announced on 5 November 2026. The STEP Seal is a European Commission designation that identifies projects of strategic importance to European industrial competitiveness and the clean energy transition. Recognition under the initiative can improve a project's access to public funding streams and signals alignment with EU priorities for sovereign, home-grown energy technologies. Gothenburg-based Minesto is a leading developer of tidal and ocean current energy systems, best known for its proprietary Deep Green technology — a kite-like underwater device that generates electricity by harnessing the kinetic energy of slow-moving tidal streams. The company has been advancing commercial-scale deployments in European waters, with the Faroe Islands and Ireland representing key strategic markets. The Euro Dragon Farm project in Ireland is designed to demonstrate the commercial viability of array-scale tidal energy generation. Ireland's Atlantic coastline and strong tidal resources make it a compelling location for ocean energy development, and the project aligns with both Irish and EU ambitions to diversify renewable energy sources beyond wind and solar. 'This recognition follows the project's recent [milestones],' Minesto noted in its announcement, underscoring growing institutional confidence in the technology's readiness for scale-up. The STEP Seal designation is particularly significant for project financing. Labelled projects are better positioned to attract investment from the European Investment Bank, national promotional institutions, and private capital seeking EU-aligned green infrastructure assets — a critical consideration as ocean energy developers seek to bridge the funding gap between demonstration and commercial deployment. For the broader maritime and offshore energy sector, the recognition of tidal energy under a flagship EU industrial competitiveness framework signals a maturing policy environment for marine renewables. Ocean energy has historically lagged behind offshore wind in terms of policy support and capital deployment, but initiatives such as STEP and the EU Ocean Energy Forum are working to close that gap. Minesto's progress will be closely watched by port authorities, offshore contractors, and marine service providers across Ireland and Northern Europe, as commercial tidal arrays would generate demand for specialised installation vessels, subsea cable infrastructure, and ongoing operations and maintenance services.