Minesto’s CEO Dr Martin Edlund presents today at Aktiespararna’s Stora Aktiedagen held in Stockholm, 5 March 2024.  

The Board of Directors in Minesto AB (publ) has resolved to convene the Extraordinary General Meeting on Thursday, 14 March 2024, instead of Wednesday, 13 March 2024. The reason for the new date is to ensure that the General Meeting can be conducted in a formally correct manner. Only the date for the General Meeting, the last day for registration, and relevant record dates have been updated, the notice is otherwise unchanged. The updated notice can be found below. The updated notice is also published on the company’s website and replaces the previously published version.

CEO Dr Martin Edlund: ”Historic milestone reached – Dragon 12 energy production to the grid paves the way for buildout of commercial arrays”.

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 Wednesday, 13 March 2024 at 1:00 p.m. at MAQS Advokatbyrå’s premises on Östra Hamngatan 24 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 units, consisting of new shares and warrants, of approximately SEK 120.5 million (the ”Rights Issue”). The subscription price has been determined to SEK 9.0 per unit, corresponding to SEK 3.0 per share (the warrants are issued free of charge). Those who on the record date 15 March 2024 are registered as shareholders in Minesto will receive one (1) unit right for each share held. Twelve (12) unit rights will entitle to subscription for one (1) unit, consisting of three (3) newly issued shares and one (1) new warrant of series TO4. The Company has received subscription undertakings from existing shareholders and senior management, which in total amount to approximately SEK 10.2 million, corresponding to approximately 8.4 percent of the Rights Issue. The Company has also received guarantee commitments subject to customary conditions which, in aggregate, amount to SEK 90.0 million, corresponding to approximately 74.7 percent of the Rights Issue. Consequently, the Rights Issue is covered by way of subscription undertakings and guarantee commitments to a total of SEK 100.2 million, corresponding to approximately 83.1 percent of the Rights Issue.

Notice to the extraordinary general meeting for resolution on approval of the Rights Issue, which will be held on 13 March 2024, will be announced through a separate press release. Due to the Rights Issue, the publishing of Minesto’s Year-End Report is brought forward to today, previously communicated date was 7 March 2024.

After the first two weeks of testing, the Dragon 12 functionality is verified and power production performance is satisfactory and as projected. All core operating functions such as starting, turning with the tidal flow and electricity generation have been successfully verified in its first phase of operation. Given the stable system behaviour, Minesto concludes the technology risks of scale-up have been significantly reduced.

Minesto, leading ocean energy developer, has upgraded the roadmap to a 200 MW tidal energy buildout in the Faroe Islands. The scaled-up roadmap is a response to the growing demands for renewable energy, where unlocking the tidal opportunity enables transition to a 100% renewable energy system. The recently reached milestone of megawatt-scale electricity generation with Dragon 12 to the grid shifts focus to commercial array buildout.

Minesto’s CEO Dr Martin Edlund, was invited to a seat at the roundtable “Managing risks for successful demos” at IEA Energy Innovation Forum in Paris last week. This by invitation-only event aims at addressing the main challenges facing breakthrough technologies moving from the innovation phase to early adoption, and how to accelerate this scale-up to enable the necessary global energy transition towards net zero.

Minesto, leading ocean energy developer, today announces that a key milestone has been reached: The utility-scale tidal powerplant Dragon 12 – rated at 1.2 MW – has been successfully commissioned and, in the early morning of February 9, delivered its first electricity to the national grid in the Faroe Islands.

The Swedish Energy Agency has awarded Minesto a 2.8 MSEK grant to support development and testing of next generation mooring system. The grant co-funds a project through which Minesto will advance performance of the unique tether system that moors the powerplant to the seabed.

Minesto, leading ocean energy developer, continues to push the preparations to completion for commissioning of Dragon 12 in Vestmanna, Faroe Islands. Today, Minesto’s CEO Dr Martin Edlund comments on the multiple ongoing activities.

Minesto, leading ocean energy developer, has successfully executed the Launch & Recovery method (LARS) for the first megawatt tidal kite Dragon 12 (1.2 MW, 25 tons). The operations developed for the Dragon 4 (100kW, 2.5 tons) were proven equally effective with the large-scale kites utilizing the same small work vessel.

Minesto, leading ocean energy developer, has successfully completed the Dragon 12 offshore infrastructure in Vestmannasund, Faroe Islands. With the successful connection of the export cable on to the foundation, the Dragon 12 production site is now ready for power production.  

Minesto, leading developer of ocean energy, has today successfully completed the installation of a drilled and grouted seabed anchor solution for the Dragon 12, at the company’s production site offshore in Vestmannasund, Faroe Islands. The installation was carried out by Minesto’s collaboration partner Leask Marine Ltd. The Dragon 12 kite system is assembled, tested and ready for installation, commissioning, and power production.

Minesto, leading ocean energy developer, is part of the Swedish official business delegation to the COP28, the United Nations’ global climate change conference.  Starting today, Minesto’s CEO Dr Martin Edlund will participate in several programme sessions throughout the event.

Minesto, leading ocean energy developer, is today featured in Swedish tech newspaper ”Ny Teknik”.

The article with the headline ”Elproduktion nära – fullskalig tidvattendrake snart i drift” is based on an interview with Minesto’s CEO Dr Martin Edlund.

Minesto’s tidal energy kite in utility-scale, Dragon 12, was this week featured on Swedish TV.

Minesto, leading ocean energy developer, is part of the official Swedish business delegation to UN climate conference COP28 in Dubai. 

Minesto, leading ocean energy developer, today announces that the Dragon 12 kite (1.2 MW) is now being shipped from the Uddevalla port to Faroe Islands for final stage of commissioning in Vestmanna.

Minesto’s CEO Dr Martin Edlund presents today at Aktiespararnas Stora Aktiedagen in Göteborg, 6 November 2023.  Minesto’s presentation is 08.50 am. 

The Minesto tidal energy kite was recently featured on BBC News broadcasting, as well as an editorial article.

Today Minesto were invited to attend the official opening of Menter Mon Morlais Ltd substation, Wales’s first tidal stream energy site.

CEO Dr Martin Edlund:” Minesto has a unique competitiveness in the global energy transition”

Minesto, leading ocean energy developer, has completed the manufacturing of the Dragon 12 wing and started system integration at quayside in Uddevalla port, Sweden. The quayside completion of the kite enables an efficient shipment directly to Minesto’s tidal energy production site in Vestmannasund, Faroe Islands.

In a news broadcasting by Vanessa Murdock, CBS News New York on Monday evening, Minesto was featured as part of the Ingka Group’s exhibition on innovative solutions to climate crisis.

Minesto, leading ocean energy developer, is for the second time part of the official Swedish business delegation to the United Nation’s global climate conference, COP28 in Dubai 30 Nov-12 Dec 2023. The road to COP28 starts today at Climate Week New York, where leading companies, academia and public sector are gathering in New York in conjunction with the opening of UN’s General Assembly.

Minesto, leading ocean energy developer, has completed build and functional testing of sea-bed connection system for the 1.2-Megawatt power plant Dragon 12. The unique connection system, enabling one of the fastest launch and recovery operation in marine energy by “one-stab” operation, is now ready for installation.

CEO Dr Martin Edlund:” With the second quarter, we further accelerate our focus on driving large-scale, project-based sales of tidal energy arrays, where reference installations of our smaller power plant Dragon 4 are the key to long term business.”

Today, Minesto’s CEO Dr Martin Edlund is one of the speakers in a panel discussion ”Scaling Up Renewables” at VivaTech, Paris 14-17 June. The event is Europe’s biggest startup and tech event, aiming to accelerate innovation by connecting startups, tech leaders, major corporations and investors to respond to the world’s biggest challenges. 

Today 16.00 CEST, Minesto’s CEO Dr Martin Edlund will present at Aktiespararna Småbolagsdagarna i Stockholm.

Minesto, leading ocean energy developer, has for ten days carried out a load test during electricity production with a new potentially performance-enhancing subsystem. Yesterday the production was interrupted, and an unplanned surface recovery was successfully carried out.