Minesto and Morteza Capital Sign MOU to Develop Commercial Tidal Energy in the Maldives

Minesto signed a Memorandum of Understanding with Morteza Capital to develop commercial tidal energy opportunities in the Maldives, the Swedish ocean energy developer said on October 26, 2026. The agreement combines Minesto's Dragon technology with Morteza Capital's regional market knowledge and project development capabilities, according to news.cision.com.

What the Minesto and Morteza MOU Covers

Under the MOU, Minesto and Morteza Capital will jointly pursue commercial project opportunities in the Maldives. The collaboration combines Minesto's technology and technical expertise with Morteza Capital's stakeholder networks and capabilities in project development and investment structuring.

The Maldives relies heavily on imported diesel for electricity generation across its geographically dispersed islands, resulting in high energy costs and carbon emissions. Minesto's Dragon technology generates electricity from low-flow tidal streams and ocean currents, operates entirely underwater and produces no visual impact on the surrounding landscape.

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."

Ghaly Murthala, Managing Director of Morteza Capital, said: "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."

Minesto was awarded funding from the Nordic Project Fund (Nopef) to support market development activities in the Maldives. The company intends to use this funding to support continued development of opportunities in the market.

Minesto's Commercial Manufacturing and Funding Record

Minesto's Dragon 4 entered production in March 2026, marking the transition from demonstration units to commercial manufacturing capacity for the 100 kW microgrid product line, according to akta.pro company records. The company's funding rounds on record number 21, with total funding of $131.4 million and a last round dated October 19, 2026.

Minesto's Earlier Partnership Agreements

Minesto and Trayen Power signed a Memorandum of Understanding in October 2026 to collaborate on tidal and ocean current energy projects in Chile, focusing on identifying sites, feasibility work and securing funding for Minesto's Dragon Class technology, PR Newswire reported. In the same month, Minesto was selected to participate in the Sweden–Indonesia Sustainability Partnership to advance tidal energy in Indonesia, where tidal energy potential is estimated at about 60 GW, news.cision.com reported. Minesto and Icelandic ocean energy site developer Haf-Afl signed an MOU in February 2026 for tidal energy project development in Iceland.

Euro Dragon Farm Grant Agreement Timeline

Minesto was selected by the European Commission for a 20.2 million EUR Innovation Fund grant for its Euro Dragon Farm tidal kite array project in Ireland, covering 60% of the investment. The company will finalize the grant agreement in the first quarter of 2027, news.cision.com reported.