THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND, RUSSIA, BELARUS, OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL OR DEMAND ADDITIONAL REGISTRATION OR OTHER MEASURES. PLEASE REFER TO “IMPORTANT INFORMATION” IN THE END OF THIS PRESS RELEASE.

The Board of Directors of Minesto AB (publ) (”Minesto” or the ”Company”) has resolved to allow Fenja Capital to pay part of its subscription payment in the Company’s rights issue of shares, which was announced on 16 September 2025, (the ”Rights Issue”) through set-off. Minesto announced on 18 June 2025 that the Company had raised a loan financing of SEK 22 million from Fenja Capital. The set-off is made by Fenja Capital setting off its outstanding loan claims, including accrued interest, totaling approximately SEK 22.2 million as payment for allocated and subscribed shares in the Rights Issue.

Minesto AB (publ) (“Minesto” or the “Company”) announces today, 30 October 2025, that Board Member Git Sturesjö Adolfsson has decided to resign from the Company’s Board of Directors at her own request.

THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEELAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND, RUSSIA, BELARUS, OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL OR DEMAND ADDITIONAL REGISTRATION OR OTHER MEASURES. PLEASE REFER TO “IMPORTANT INFORMATION” IN THE END OF THIS PRESS RELEASE.

Minesto AB (publ) (“Minesto” or the “Company”) announces the outcome of the Company’s rights issue of up to 82,364,595 shares (the “Rights Issue”). The Company has received the outcome of the Rights Issue which concludes that 33,436,356 shares, corresponding to approximately 40.6 percent of the Rights Issue, have been subscribed for with the support of subscription rights. Additionally, applications for subscription of 575,828 shares, corresponding to approximately 0.7 percent of the Rights Issue, have been received for subscription of shares without the support of subscription rights. In aggregate, the subscriptions with the support of subscription rights and the applications for subscription without the support of subscription rights correspond to approximately 41.3 percent of the Rights Issue. Hence, guarantee commitments of 19,501,329 shares, corresponding to approximately 23.7 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 99.0 million before deduction of costs related to the Rights Issue.

Leading ocean energy developer Minesto is selected to be part of InnoEnergy’s annual industry event The Business Booster, this year in Lisbon, Portugal 22-23 October 2025. InnoEnergy, initiated by the European Institute of Innovation and Technology (EIT), is Europe’s investment company at the forefront of clean energy transition.

THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEELAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND, RUSSIA, BELARUS, OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL OR DEMAND ADDITIONAL REGISTRATION OR OTHER MEASURES. PLEASE REFER TO “IMPORTANT INFORMATION” IN THE END OF THIS PRESS RELEASE.

Today, 21 October 2025, is the last day of trading in subscription rights issued in connection with Minesto AB’s (publ) (”Minesto” or the ”Company”) rights issue of shares which was resolved by the Board of Directors on 16 September 2025 and approved by the Extraordinary General Meeting on 3 October 2025 (the “Rights Issue”). Subscription rights that are not sold or used for subscription will expire worthless.

This week, leading ocean energy technology developer Minesto was part of a high-level Swedish delegation to South Korea aiming to explore new partnerships and strengthen bilateral collaboration in the green transition. The delegation, led by HRH Crown Princess Victora and Prince Daniel of Sweden and joined by Swedish ministers, is part of Focus Asia – Sweden’s strategy for trade and investment in the region. Extensive tidal and ocean current resources make South Korea a highly attractive market for Minesto.

In connection with the demonstration of the Dragon 4 tidal power plant in Gothenburg on 8 October 2025, Minesto’s CEO Dr Martin Edlund held a presentation together with CTO Bernt Erik Westre and Concept Group Manager Björn Bergqvist. Martin Edlund began by commenting on the company’s position as a leading ocean energy technology and the journey of building a new industry based on innovation.

THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEELAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND, RUSSIA, BELARUS, OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL OR DEMAND ADDITIONAL REGISTRATION OR OTHER MEASURES. PLEASE REFER TO “IMPORTANT INFORMATION” IN THE END OF THIS PRESS RELEASE.

On 16 September 2025, Minesto AB (publ) (”Minesto” or the ”Company”) announced that the Board of Directors, conditional on the subsequent approval of an extraordinary general meeting, had resolved on a rights issue of shares of approximately SEK 152.4 million (the ”Rights Issue”). The extraordinary general meeting on 3 October 2025 approved the Rights Issue, which the Company announced the same day. Today, Minesto announces that the prospectus relating to the Rights Issue (the ”Prospectus”) has been approved and registered by the Swedish Financial Supervisory Authority (the ”SFSA”) and has been made available on Minesto’s webpage, www.minesto.com, together with other information related to the Rights Issue. The Prospectus contains certain financial information as of 31 July 2025, related to the Company’s equity and liabilities as well as net debt, that has not been previously disclosed. The Prospectus will also be made available on Vator Securities’ webpage, www.vatorsecurities.se, and on the SFSA’s webpage, www.fi.se/en/our-registers/prospektregistret.

Minesto tidal energy kites and the Faroe Islands tidal opportunity feature in new Forbes online article and TV documentary on Arte. 

An Extraordinary General Meeting in Minesto AB (publ) was held today, 3 October 2025, at MAQS Advokatbyrå’s premises at Masthamnsgatan 13 in Gothenburg. Chairperson of the General Meeting was lawyer Eric Ehrencrona from MAQS Advokatbyrå.

The English text is an uncertified translation of the Swedish version and in the event of any inconsistency between the English text and the Swedish text, the Swedish text shall prevail.

The shareholders of Minesto AB (publ), reg. no. 556719-4914 (“Minesto” or the “Company”), are hereby given notice to attend the Extraordinary General Meeting to be held on Friday, 3 October 2025 at 1.00 p.m. at MAQS Advokatbyrå’s premises on Masthamnsgatan 13 in Gothenburg, Sweden.

THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEELAND, SINGAPORE, SOUTH AFRICA, SOUTH KOREA, SWITZERLAND, RUSSIA, BELARUS, OR ANY OTHER JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL OR DEMAND ADDITIONAL REGISTRATION OR OTHER MEASURES. PLEASE REFER TO “IMPORTANT INFORMATION” IN THE END OF THIS PRESS RELEASE.

The Board of Directors of Minesto AB (publ) (”Minesto” or the ”Company”) has today, conditional on the approval of an extraordinary general meeting, resolved on a rights issue of shares of approximately SEK 152.4 million (the ”Rights Issue”). The subscription price has been determined to SEK 1.85 per share. Those who on the record date 8 October 2025 are registered as shareholders in Minesto will receive two (2) subscription rights for each share held. Five (5) subscription rights will entitle to subscription for one (1) new share in the Company. Minesto has received guarantee commitments subject to customary conditions which, in aggregate, amount to SEK 99.0 million, corresponding to approximately 65.0 percent of the Rights Issue. The Company has also received subscription intentions from all shareholding members of the Board of Directors and senior management, including the Company’s CEO Martin Edlund, consisting of a verbally expressed, non-binding, intention to subscribe for their respective pro rata share of the Rights Issue, in total amounting to approximately SEK 0.2 million, corresponding to approximately 0.1 percent of the Rights Issue.

Notice to the extraordinary general meeting for resolution on approval of the Rights Issue, which will be held on 3 October 2025, will be announced through a separate press release.

Minesto’s CEO Dr Martin Edlund presents today at Aktiedagarna i Stockholm by Aktiespararna, 16 September 2025  

Minesto invites investors and the public with an interest in technology, energy systems and climate innovations to a unique opportunity to experience firsthand the tidal energy kite Dragon 4 “Íðunn” as she is brought home for a break from production duty at the company’s demonstration site in the North Atlantic where it produces electricity to the Faroe Islands grid. The event will take place at Minesto workshop in Gothenburg, on 8 October 2025, 17.00-19.00.

Together with project partners Sev, Capture Energy and IVL, Minesto completed a planning and project set-up workshop for the 25 MSEK Microgrid Project awarded by Swedish Energy Agency. In parallel with the project, Minesto has added an integration of two local end-user applications of tidal energy in the Faroe Islands to strengthen customer involvement.

Leading ocean energy developer Minesto appoints new CFO, Alexander Jancke, starting October 2025.

CEO Dr Martin Edlund: “As the leading pioneer in Ocean Renewable Energy, Minesto moves on with more determination and positive spirit than ever to deliver renewable tidal energy to the world”

On Thursday August 14, Minesto, leading ocean energy developer, will publish their Half-Year Report 1 January – 30 June 2025. Dr Martin Edlund, CEO, will present and share key updates from Minesto, followed by a Q&A session.

Minesto, leading ocean energy developer, announces that a reorganization over the last year has now been completed, resulting in readiness to deliver commercial projects and reduced fixed costs. There are several ingredients in the reshaping of the organization, including relocation geographically, management team set-up and product development focus. The completed reorganization has resulted in a reduction of fixed costs by approximately 35%.

Minesto, leading ocean energy developer, is heading a consortium of four that has been awarded a total of 25 MSEK grant funding from Swedish Energy Agency to build a complete microgrid installation in the Faroe Islands. Minesto collaborates with microgrid technology provider Capture Energy, Faroese utility company Sev and IVL Swedish Environmental Research Institute to demonstrate a unique tidal-based microgrid solution that provides baseload power.

Minesto AB (publ) (“Minesto” or “the Company”) has raised a loan financing of SEK 22 million, from Fenja Capital, intended to be used as working capital in the Company’s ongoing operations and business development to clarify immediate market opportunities.

Minesto, leading ocean energy developer, today announces that its Dragon 12 tidal energy system (Luna), installed in Vestmannasund, Faroe Islands, has met a major production performance milestone: the longer tether enables a 25% increase of power performance. This strengthens the company’s path toward commercial-scale deployment of its unique tidal kite technology.

Recording of CEO Dr Martin Edlund’s speech to the Annual General Meeting 2025 of Minesto AB, 22nd of May 2025.

The Annual General Meeting of Minesto AB was held today, 22 May 2025, at Hotel Riverton at Badhusgatan 26 in Gothenburg. Chairman of the Annual General Meeting (the “AGM”) was Eric Ehrencrona from MAQS Advokatbyrå.

Minesto, leading ocean energy developer, continues operation and testing activities in Vestmanna, Faroe Islands. The Dragon 12 megawatt tidal kite “Luna” is in electricity production, following an upgrade period most prominently including a longer tether.

Minesto, leading technology developer in ocean energy, joins the World Expo 2025 in Osaka, Japan, as part of the Swedish official delegation and partner to the Nordic Pavilion. Today 14 May, Sweden celebrated its national day at World Expo, the delegation led by HM King Carl XVI Gustaf. Minesto CEO Dr Martin Edlund was invited to join the visit and ceremony as part of the Swedish official delegation.

Leading ocean energy developer, Minesto, features in a new internationally broadcast documentary series ‘Engineering Tomorrow’. Minesto’s pioneering underwater kite technology is showcased in the ‘Ocean Power’ episode, selected as one of a few tidal energy technologies to be showcased.

CEO Dr Martin Edlund: ”Record public exposure and solid progress”

On April 30, Minesto, leading ocean energy developer, will publish their Interim Management Statement 1 January – 31 March 2025. Dr Martin Edlund, CEO, and Gustav Kvibling, CFO, will present details of the report in a webinar and share key updates from Minesto, followed by a Q&A session.

Minesto’s Annual Report in Swedish for the financial year 2024 is now available on the company’s website.