Marine energy technology developer Minesto has been recognized as one of Sweden's hottest young technology companies.
The list of 33 upstart businesses -- compiled by technology magazine Ny Teknik and business publication Affarsvarlden -- is intended to identify the country's "next Ericson or SKF", both of which have roots in Sweden.
Minesto was selected from an initial pool of 284 nominees and was recognized in large part for the hydrokinetic innovations represented by its "Deep Green" generating unit.
"We are happy to be included in this prestigious list of the most promising Swedish technology companies," Minesto CEO Anders Jansson said. "It clearly shows we are on the right track in the steady development and commercialization of our revolutionary marine energy technology."
The company describes the Deep Green system as an "underwater kite, comprised of a wing and a turbine which is secured to the seabed with a tether." The unit then "moves with great speed in an 8-shaped path in the tidal or ocean current", thus spinning the turbine and generating power.
HydroWorld.com reported in November 2012 that Minesto was preparing to begin new testing of its Deep Green turbine. The company was awarded a Crown Estate license for research in Northern Ireland's Strangford Lough in December 2011.