CEO Dr Martin Edlund: “Minesto’s second quarter has been characterised by business development driven by the success of Dragon 12” and “We have an ambitious autumn and winter ahead of us”.

Swedish technology developer Minesto continues to attract global recognition for their unique tidal energy kites, generating electricity from tidal streams and ocean currents. The underwater kites and demonstration site in the Faroe Islands were recently featured on BBC News.

Project Update Vestmanna: Four months of grid-connected operation with the utility-scale Dragon 12 is now followed by service and inspection. Ongoing operations continue to attract visits from international stakeholders and high-level decision-makers.

Leading ocean energy developer Minesto and pioneering Faroese utility company Sev have jointly renewed and updated the power purchase agreement (PPA). The price-level is adjusted to denote the total system value of tidal energy in the future 100% renewable energy mix in the Faroe Islands.

The Annual General Meeting of Minesto AB was held today, May 22, 2024, at Hotel Riverton at Badhusgatan 26 in Gothenburg. Chairman of the Annual General Meeting (the “AGM”) was Eric Ehrencrona from MAQS Advokatbyrå.

Recording of CEO Dr Martin Edlund’s speech to the Annual General Meeting 2024 of Minesto AB, 22[nd] of May 2024.

In today’s presentation at the AGM (Annual General Meeting), Minesto shares Dragon Class performance data based on accumulated analysis of Dragon 4 power production curve and verified simulation modelling. The data plays a key role in third-party technical feasibility evaluations and in calculating yearly yields for investment proposals at specific site locations.

After thirteen years as a member of the board, and four years as Chairman of Minesto, illustrious investor Bengt Adolfsson, has decided to retire. Git Sturesjö Adolfsson, as the CEO of BGA Invest, remains on the board and continues to actively contribute to Minesto’s development and success.  

Minesto, leading ocean energy developer, today announces that for three months, since its initial installation in February 2024, the tidal kite Dragon 12 has been successfully grid connected and delivers as expected at the site in Vestmanna. In addition, for the first time, an array of tidal kites is in operation – the 1.2 MW D12 and one 100kW D4, adding valuable production data for array build-out. The data being generated underlines commercial readiness of Dragon Class systems and the continued testing supports both critical sales activities and preparations for product delivery.

CEO Dr Martin Edlund:” Minesto’s first quarter has been significant and lays the foundation for the company’s path towards buildout of commercial arrays. We now have full focus on business development to secure commercial rollout”.

The shareholders of Minesto AB (publ), reg. no. 556719-4914 (“Minesto” or the ”Company”), are hereby given notice to attend the Annual General Meeting to be held on Wednesday 22 May 2024 at 10 a.m. at Hotel Riverton at the address Stora Badhusgatan 26 in Gothenburg. The entrance opens and the registration starts at 9.30 a.m.

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 2 April 2024, Minesto AB (publ) (“Minesto” or the “Company”) announced the preliminary outcome of the Company’s rights issue of up to 13,394,391 units, consisting of three (3) shares and one (1) warrant of series TO4 in the Company each (the “Rights Issue”). The Company has received the final outcome of the Rights Issue, which is identical to the preliminary results, which concludes that 6,527,171 units, corresponding to approximately 48.7 percent of the Rights Issue, have been subscribed for with the support of unit rights. Additionally, applications for subscription of 288,226 units, corresponding to approximately 2.2 percent of the Rights Issue, have been received for subscription of units without the support of unit rights. In aggregate, the subscriptions with the support of unit rights and the applications for subscription without the support of unit rights correspond to approximately 50.9 percent of the Rights Issue. Hence, guarantee commitments of 4,312,385 units, corresponding to approximately 32.2 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 100.2 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO4 the Company is expected to raise up to an additional approximately SEK 50.1 million before deduction of cost related to the exercise of the warrants.

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 preliminary outcome for the Company’s rights issue of up to 13,394,391 units, consisting of three (3) shares and one (1) warrant of series TO4 in the Company each (the “Rights Issue”), for which the subscription period ended today, 2 April 2024. The preliminary outcome indicates that 6,527,171 units, corresponding to approximately 48.7 percent of the Rights Issue, have been subscribed for with the support of unit rights. Additionally, applications for subscription of 288,226 units without the support of unit rights, corresponding to approximately 2.2 percent of the Rights Issue, have been received. In aggregate, the subscriptions with the support of unit rights and the applications for subscription of units without the support of unit rights correspond to approximately 50.9 percent of the Rights Issue. Hence, guarantee commitments of preliminary 4,312,385 units, corresponding to approximately 32.2 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 100.2 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO4 the Company is expected to raise up to an additional approximately SEK 50.1 million before deduction of cost related to the exercise of the warrants.

Minesto’s CEO Dr Martin Edlund presents today at Naventus Renewables Summit held in Stockholm, 26 March 2024.  

Minesto’s CEO Dr Martin Edlund today comments on the ongoing Rights Issue. In addition, Martin Edlund is taking part in today’s episode of podcast “Aktiepodden” by Aktiespararna, where he talks about the company and answers questions related to the Rights Issue.

Minesto, leading ocean energy developer, welcomes the newly signed Memorandum of Understanding (MoU) on Enhanced Cooperation between the Government of the Faroe Islands and the European Union. The enhanced cooperation opens for strengthened business and public funding opportunities for Minesto, proposing 200 MW tidal energy buildout to support Faroe Islands in reaching 100% renewables by 2030.

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 26 February 2024, 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 units, consisting of new shares and warrants, of approximately SEK 120.5 million (the ”Rights Issue”). The extraordinary general meeting on 14 March 2024 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 will also be made available on Pareto Securities’ webpage, www.paretosec.com, and at the SFSA’s webpage, www.fi.se/en/our-registers/prospektregistret. The Prospectus is only available in Swedish.

Minesto, leading ocean energy developer, strengthens the market activities in Australia and New Zealand by signing collaboration agreement with a new business partner, Hydrokite Project Development. The new partner is established fit-for-purpose to exclusively bring Minesto’s technology to these new markets.  

Minesto’s Annual Report in Swedish for the financial year 2023 is now available on the company’s website.

An Extraordinary General Meeting in Minesto AB was held today, March 14, 2024, at MAQS Advokatbyrås premises at Östra Hamngatan 24 in Gothenburg. Chairman of the General Meeting was lawyer Eric Ehrencrona from MAQS Advokatbyrå.

Minesto, leading ocean energy developer, has been awarded a place in the acceleration programme BAPSEA (Business Acceleration Programme Southeast Asia), strengthening Minesto’s business capabilities in the region. BAPSEA is a joint programme by the Swedish Energy Agency (SEA) and Business Sweden. It runs for 18 months and commences mid-March 2024. Minesto’s performance and potential has secured the company a place to participate in the programme 2024-2025.

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.