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.

The shareholders of Minesto AB, reg. no. 556719-4914 (“Minesto” or the ”Company”), are hereby given notice to attend the Annual General Meeting to be held on Wednesday, 8 June 2022 3:00 p.m. at Dockyard Hotel at the address Skeppet Ärans Väg 23 in Göteborg. The entrance opens and the registration starts at 2:30 p.m.

CEO Dr. Martin Edlund: “With a strong confidence from our financial partners, we continue our dedicated work to demonstrate tidal energy as a commercially viable energy source.”

Leading marine energy developer Minesto has launched a detailed plan for large-scale build-out of tidal energy arrays in the Faroe Islands. The plan includes four new verified sites that would supply 40% of the nation’s growing electricity consumption, enabling the Faroe Islands to reach its policy goal of 100% renewable energy by 2030. Together with utility company SEV, Minesto has presented the plan to a wide range of policy and local community stakeholders – including the Prime Minister and Minister of Environment, Industry and Trade – and it has been received very positively.

Minesto’s Annual Report in Swedish for the financial year 2021 is now available on the company’s website.

CEO Dr Martin Edlund: “Minesto’s next generation marine power plants are commercially ready to demonstrate the viability of marine energy as indispensable baseload power in a fully renewable energy system. We are, to say the least, excited to demonstrate the commercial potential of the dragons during the year.”

Minesto has decided to concentrate this year’s operations with its Dragon Class marine energy converters at the established and grid-connected site in Vestmannasund, Faroe Islands. This plan will mitigate supply chain delays and at the same time allow Minesto to take advantage of significant synergies and new opportunities for more cost-effective operations, electricity production under an existing Power Purchase Agreement, and hence a quicker route to commercial roll out.

Leading marine energy developer Minesto today announces that, based on analysed production data and verified simulations, its utility-scale Dragon Class tidal energy power plants are each projected to produce 3.5 GWh of clean electricity per year at identified sites.

Minesto’s largest owner, BGA Invest AB, has today reported a sale of shares in Minesto AB to the Swedish financial supervisory authority’s PDMR* transactions register. BGA Invest remains the largest owner, and an active and long-term owner, in Minesto.

Minesto has appointed Cecilia Sernhage as Communications Manager and thus continues to strengthen the company’s market organisation ahead of the commercial scale-up of Minesto’s unique marine energy technology. Cecilia Sernhage has extensive experience in B2B communication with customers in global markets and provides Minesto with additional expertise and capacity to enhance and create new relationships with various stakeholders and partners.

CEO Dr Martin Edlund: “The development of Dragon Class demonstrates both the technology’s inherent competitiveness and our employees’ ability to efficiently refine the product with customer value in focus. There are further technical advances to be made in the future, but we are confident that the performance, robustness, and functionality of the Dragon Class sets the right platform for commercial scale-up.”

The Swedish Energy Agency has awarded Minesto a SEK 5.8 million grant to the ongoing commercialisation of Minesto’s ground-breaking Deep Green technology. The grant co-funds a project through which Minesto will develop and verify a next generation tether system to facilitate the commercial scale-up of the company’s marine energy technology.

Leading marine energy developer Minesto today introduces a new range of power plants – the Dragon Class – an upgraded design of the company’s Deep Green technology for predictable renewable electricity generation from tidal and ocean currents. Featuring increased performance and decreased manufacturing costs, the Dragon Class will be delivered and installed in all of Minesto’s ongoing projects as well as in the build-out of the company’s first array projects.

Leading marine energy developer Minesto has signed a two-year extension of its Power Purchase Agreement (PPA) with the electric utility company SEV for Minesto’s tidal energy site in Vestmannasund, Faroe Islands. In addition, a site extension analysis concludes that the current 200 kW Vestmannasund site has merits for expansion to a 4 MW commercial array.

Minesto strengthens the company’s executive team as Elke Rosiers, with extensive experience from the energy industry and from turning new technology to business, has been appointed new Chief Marketing Officer. Through the recruitment Minesto strengthens its sales and marketing organisation to gear up the work for commercial roll-out of the company’s ocean energy technology. Elke takes up the position as Chief Marketing Officer immediately as a part of Minesto’s executive team.

CEO Dr Martin Edlund: “The solid financial position together with the technical and operational progress during the year has provided a powerful platform to deliver our existing projects, scale up the technology, expand industrial collaboration and establish new projects.”

Leading marine energy developer Minesto has reached further improved power production performance through upgrades and modifications of the company’s DG100 marine power plant. Furthermore, key aspects of test operations and electricity production with the DG100 system have now been third-party verified by DNV in accordance with international standards.

The number of shares and share capital in Minesto AB has increased as a result of the exercise of warrants of series TO3.