CEO Dr Martin Edlund: Minesto’s ocean energy technology is now part of the planning and evaluation in the renewable energy transition across the world. 

Minesto CEO, Dr Martin Edlund, presented at Financial Stockholm’s Investerarmötet on 22 February.

An extraordinary general meeting in Minesto AB was held today, 20 February 2023, at the premises of MAQS Advokatbyrå with address Östra Hamngatan 24 in Gothenburg. Chairman of the meeting was lawyer Eric Ehrencrona.

Minesto participates today 6 of February at Aktiespararna event Aktiedagen i Göteborg 2023. Minesto’s CEO Dr Martin Edlund will present the company and talk about the way forward. 

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 Monday, 20 February 2023 at 1:00 p.m. at MAQS Advokatbyrå’s premises on Östra Hamngatan 24 in Göteborg.

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 in Minesto AB (”Minesto” or the ”Company”) has today, subject to the approval by an extraordinary general meeting, resolved to carry out a partially secured rights issue of shares of approximately SEK 153.4 million before deduction of transaction costs (the ”Rights Issue”). The subscription price has been set to SEK 5.20 per share. Those who on the record date are registered as shareholders in Minesto have, for each fourteen (14) existing shares, preferential rights to subscribe for three (3) newly issued shares in the Rights Issue. The Company has received subscription commitments from Corespring New Technology AB, the Company’s senior management, and the chairman of the board, amounting to approximately SEK 15.2 million, corresponding to approximately 9.9 percent of the Rights Issue. Furthermore, the Company has entered into agreements on guarantee commitments of SEK 104.8 million, which secures the Rights Issue to approximately 78.2 percent. The notice to the extraordinary general meeting will be published today through a separate press release. Due to the Rights Issue, the publishing of Minesto’s Year-End Report and Annual Report is brought forward to the 24[th] of February 2023. Previously communicated dates were 16[th] of March 2023 (Year-End Report) and 23[rd] of March 2023 (Annual Report).

Minesto, leading ocean energy developer, signs today a collaboration agreement (MoU) that outlines goals, roles, and responsibilities of a strategic collaboration with experienced Philippines-based tidal project developer, Poseidon Renewable Energy Corporation.

Minesto, leading ocean energy developer, and SEV, Faroese utility company, have renewed and expanded the collaboration agreement outlining respective roles and responsibilities related to tidal energy build out in the Faroe Islands, including the ongoing electricity production in Vestmannasund and the first large scale tidal array in Hestfjord.

Minesto, leading ocean energy developer, announces today that the company has received its first historic sales order of site development services for Dragon Class tidal energy powerplants to a major corporation in the Asian offshore energy sector.

Minesto has signed a long-term lease agreement with the Vestmanna municipality and Faroese utility company SEV for port access and onshore operations and maintenance (O&M) work site. The agreement grants access to a 2,050 m[2] site in the inner harbour of Vestmanna, Inni á Fjørð; including a new grid connection.

Leading ocean energy developer Minesto has successfully completed additional offshore infrastructure installation in Vestmannasund, Faroe Islands, to double electricity production from two Dragon 4 (100kW) tidal energy power plants in an array set-up.

Minesto and Faroese utility company SEV are featured on the latest episode of the Spotify Original “Climate Action Studios” podcast. The episode highlights the Faroe Islands as a case study of how Minesto’s tidal energy technology can accelerate renewable energy transition.

Minesto has signed two collaboration agreements for development in the Nusa Tengara Barat region, Indonesia today. A Memorandum of Understanding (MoU) has been signed between Minesto and the regional Eco Regions Indonesia, as well as a Letter of Intent (LoI) between Minesto and the Nusa Tengara Barat (NTB) region.

COP27 in Sharm El-Sheikh, Egypt has come to an end and Minesto concludes the participation in the Swedish business delegation as both rewarding and value-generating for the company. A strategic initiative, the driving force for Minesto to take part is to bring to light and emphasise the importance of adding renewable, predictable ocean energy to the renewable energy mix. There is great exposure across all fronts and Minesto gains valuable connections with stakeholders from international governmental organisations and companies.

Minesto’s microgrid power plant Dragon 4 (100 kW) has produced record-levels of electricity in October and November. A second foundation will now be installed, to run a mini array with two Dragon 4 units operating in parallel. The development of Minesto’s utility-scale power plant Dragon 12 (1.2 MW) is also making significant progress. Installation of the Dragon 12 is now scheduled for spring 2023.

Today marks Minesto’s first panel session in the Swedish Pavillion at COP27 in Sharm El-Sheikh, Egypt. The topic of today’s panel was hosted by Svenskt Näringsliv around the topic ‘How is Sweden enabling the green transition in other countries?’ (https://invitepeople.com/seminars/47348). Minesto’s CEO, Martin Edlund, took part in the discussion alongside speakers from other well-established Swedish companies such as Alfa Laval and Heart Aerospace.  

CEO Dr. Martin Edlund: “Significant potential for green electricity through tides and ocean currents is found in Southeast Asia. At the time of publication of this text, I am on an extensive meeting tour in Japan, Taiwan, Indonesia, and the Philippines; with the aim of accelerating the establishment in one of our most important future markets.”

In conjunction with a Nordic ocean conference, Swedish Ambassador for the Ocean, Anna Lindstedt, paid a visit to Minesto’s grid-connected tidal energy site in Vestmanna. The visit aimed to highlight how predictable tidal energy can be an important part of the future energy mix, and how Swedish innovation is at the forefront of ocean energy technology.

Minesto, leading marine energy developer, announces that the site development of the world’s first tidal energy kite array in Hestfjord, Faroe Islands, is efficiently progressing according to plan. The total planned capacity of the array is about 30 MW, including twenty-four kite systems at 1.2 MW each. The annual yield of the site is estimated to be 84 GWh*, which is equivalent of 20% of the total Faroese energy consumption in 2021.

Minesto will join the Swedish business delegation to the United Nations Climate Change Conference COP27 taking place in Egypt in November. The partnership provides good opportunities to disseminate knowledge on how the ocean’s energy-rich and 100% predictable tidal streams and ocean currents can be an important part of balancing the global energy system soon.

Minesto launches new media library on minesto.com/media (https://minesto.frontify.com/d/C2QTuQ6m2RRx/media-library) with the ambition to share and distribute high-quality media material. Visitors to the media library will be able to download media material ranging from 3D models and animations, to videos and photos for their use.

The second Dragon Class tidal energy power plant “Dragon 4” has now arrived at Minesto’s grid-connected site in Vestmanna, Faroe Islands. This power plant commissioning has now commenced, and it will greatly benefit from previous configuration testing executed with the first unit.

CEO Dr Martin Edlund: “There are immediate opportunities where our small scale systems and competitive LCOE profile make a difference”.

Leading marine energy developer Minesto has according to plan successfully commissioned the first unit of tidal power plant “Dragon 4” in grid-connected operation in Vestmannasund, Faroe Islands. The company announces today that the commissioning results verify commercial performance and are fully in line with simulation results.

Minesto CEO Dr Martin Edlund was invited as a keynote speaker at ”Offshore Strategy Day – actioning the ocean energy ambitions”, held 23rd of June in Brussels and initiated by Ocean Energy Europe. 

The commissioning program of the first Dragon 4 unit launched in Vestmannasund, Faroe Islands in May, is progressing according to plan and the flight configurations are being finetuned sequentially to optimise the power output. The kite, recently named “Íðunn”, is operating autonomously 40 m below the surface and is remotely monitored, accessed, and managed through advanced systems.

Recording of the speech, in Swedish, by CEO Martin Edlund to the Annual General Meeting of Minesto AB on 8 June 2022.

The Annual General Meeting of Minesto AB was held today, 8 June 2022, at Dockyard Hotel at Skeppet Ärans Väg 23 in Gothenburg. Chairman of the Annual General Meeting (“AGM”) was Eric Ehrencrona from MAQS Advokatbyrå.

Minesto, leading marine energy developer, has now successfully completed the first week of commissioning including satisfactory electricity production and verification of all core functionality with the new Dragon 4 tidal power plant in Vestmanna, Faroe Islands. The kite has generated first electricity to grid right ”out of the box” and the commissioning plan has been executed as planned.  

Minister of State for Business, Energy and Clean Growth, Greg Hands, visited marine energy company Minesto last week where he was introduced to the technology and toured the assembly hall facility in Holyhead, North Wales.  Referring to the British Energy Security Strategy, Minister Hands was eager to learn more about the potential of tidal power. Minesto CEO Dr Martin Edlund had the opportunity to discuss the estimated 4GW* expansion potential for Minesto’s technology in exploiting low-flow tidal streams in the U.K. The company’s proposed build-out of a first commercial array at the Holyhead Deep site was also presented.