Minesto’s Dragon technology operates entirely underwater, a feature designed to provide predictable electricity while avoiding the visual clutter associated with traditional energy infrastructure. By targeting low-flow tidal streams, the system offers a technical path for island nations to reduce fossil fuel reliance without compromising the scenic views essential to their hospitality sectors. Under the new agreement, Minesto will supply its technical expertise while Morteza Capital leverages its regional network and investment experience to structure projects within the archipelago.
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Minesto and Morteza Capital Target Maldives Tidal Energy Market
The Maldives remains heavily dependent on imported diesel, a costly and carbon-intensive reality that clashes with the nation’s reliance on pristine landscapes for tourism. To address this, Swedish marine energy developer Minesto has signed a memorandum of understanding with Morteza Capital to deploy tidal power in the region.
Dr. Martin Edlund, CEO of Minesto, emphasized that the collaboration aligns with the company’s strategy to integrate its technology with local commercial development capabilities. Morteza Capital, which has managed over $500 million in transactions since 2015, aims to create a viable pathway for these installations. The initiative is supported by funding from the Nordic Project Fund, which will be directed toward ongoing market development as the firms seek to establish a foothold in the Indian Ocean energy sector.
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