Gothenburg turns 400 years and the city of Gothenburg kicked-off the celebration this weekend with a major festival in area Frihamnen. Minesto, leading ocean energy developer, was invited to the festival and Prototyp Göteborg to present the innovation for the thousands of locals and visitors who attended the festival.

Minesto, leading ocean energy developer, has today successfully completed the first phase of Dragon 12 (1.2 MW) offshore installation in Vestmanna, Faroe Islands. The 3.4 km main subsea cable was laid on the seabed, from the onshore grid connection point to the offshore installation node.  

Last week Minesto had the opportunity to host a study visit to the company’s site in Vestmanna, Faroe Islands, in conjunction with the international energy conference 7th Hybrid Power Plant & Systems Conference.

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, 7 June 2023 at 3 p.m. at Hotel Riverton at the address Stora Badhusgatan 26 in Gothenburg. The entrance opens and the registration starts at 2.30 p.m.

CEO Dr. Martin Edlund: “The need for our tidal energy technology in the global energy transition has never been more clear and accurate than now”

As a part of Stockholm Climate Week that leads up to Earth Day 2023, Minesto CEO Dr Martin Edlund will be taking part in a panel discussion at SPACE Arena in Stockholm today.

Minesto’s CEO, Dr Martin Edlund, will be presenting and taking part in a panel debate at the Redeye Energy Seminar happening in Stockholm today.

In conjunction with Sweden Innovation Days (https://swedeninnovationdays.se/), Minesto CEO Dr Martin Edlund had the opportunity of being a part of the panel discussion hosted by Vinnova around the topic of “Raw materials supply for the green 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.

On 15 March 2023, Minesto AB (”Minesto” or the ”Company”) announced the preliminary outcome of the Company’s rights issue (the ”Rights Issue”). The Company has received the final outcome of the Rights Issue, which is in line with the preliminary results, which concludes that 15,961,083 shares, corresponding to approximately 54.1 percent of the offered shares, have been subscribed for with subscription rights in the Rights Issue. Additionally, applications for subscription of 1,130,183 shares without subscription rights, corresponding to approximately 3.8 percent of the offered shares, have been received. In aggregate, the subscriptions by exercise of subscription rights and the applications for subscription without subscription rights correspond to approximately 57.9 percent of the offered shares. Hence, guarantee commitments of approximately 5,986,285 shares, corresponding to approximately 20.3 percent of the offered shares, will be allocated to guarantors. The Rights Issue will provide the Company with approximately SEK 120 million before deduction of transaction costs.

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 (“Minesto” or the “Company”) announces that the preliminary outcome of the Company’s rights issue (the ”Rights Issue”), for which the subscription period ended on 15 March 2023, indicates that 15,961,083 shares, corresponding to approximately 54.1 percent of the offered shares, have been subscribed for with subscription rights in the Rights Issue. Additionally, applications for subscription of 1,130,183 shares without subscription rights, corresponding to approximately 3.8 percent of the offered shares, have been received. In aggregate, the subscriptions by exercise of subscription rights and the applications for subscription without subscription rights correspond to approximately 57.9 percent of the offered shares. Hence, guarantee commitments of preliminary 5,986,285 shares, corresponding to approximately 20.3 percent of the offered shares, will be allocated to guarantors.  The Rights Issue will provide the Company with approximately SEK 120 million before deduction of transaction costs.

Minesto, leading ocean energy developer, has installed the tidal power plant Dragon 4 and generated first electricity at the newly added second foundation in Vestmannasund. The upgraded tether solution indicates further increase in production yield based on lower friction in the water.

Minesto’s CEO, Dr Martin Edlund, will be speaking at the Naventus Renewables Summit taking place in Stockholm tomorrow on 14[th] of March. The event is organised by Naventus Corporate Finance in conjunction with Nasdaq, Setterwalls, Nordnet, and Deloitte.

Minesto, leading ocean energy developer, has contracted Leask Marine for the installation of a drilled foundation anchor for the first Dragon 12 kite system in Vestmanna, Faroe Islands. This marks a shift from historically using gravity-based foundations to a drilled anchor solution. The shift brings substantially lowered carbon footprint and reduced installation costs, making Minesto well positioned for array buildouts.  

The official Facebook and Instagram channels of “Sweden.se” recently showcased Minesto’s tidal energy technology as part of Sweden’s green tech solutions. The channels are run by the Swedish Institute – the Swedish public agency promoting interest and trust in Sweden around the world.

Minesto, leading ocean energy developer, continues the operation of tidal energy power plants at the grid-connected site in Vestmanna, Faroe Islands according to plan. The 100-kW tidal power plant Dragon 4 has delivered the highest total production volume for a continuous month of operation at the beginning of the year. An upgraded tether that is set out to further improve the output of the system is now being implemented.

Minesto’s CEO Dr Martin Edlund comments today on the company’s ongoing Rights Issue. Alf Riple, Senior Advisor at Granitor, interviews Martin Edlund at Minesto’s new workshop facility in Gothenburg, Sweden. The interview is in Swedish.

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 February 2023, Minesto AB (”Minesto” or the ”Company”) announced that the board of directors had resolved on a rights issue of up to approximately SEK 153 million (the ”Rights Issue”), conditional on the approval of an extraordinary general meeting. On 20 February 2023, the extraordinary general meeting approved the Rights Issue, which the Company announced the same day. Today, Minesto announces that the prospectus relating to the Rights Issue has been approved by the Swedish Financial Supervisory Authority and has been made available on Minesto’s webpage, www.minesto.com/investors/rights-issue-2023, together with all other information related to the Rights Issue. The prospectus will also be made available on Pareto Securities’ webpage, www.paretosec.com, on Skandinaviska Enskilda Banken AB:s webpage, www.sebgroup.com/prospectuses, and at the Swedish Financial Supervisory Authority’s webpage, www.fi.se.

Minesto, leading ocean energy developer, and Taiwan Cement Green Energy (TCCGE) have entered into a collaboration agreement to pursue tidal and ocean current energy build out in Taiwan. The agreement covers assessments of economic and technical feasibility of selected sites, site development, and applications for feed in tariffs.

The correction refers to a typing error on page 9, where minus signs are missing on “Årets Resultat” and “Moderbolagets aktieägare” column “2022”.

The Annual Report in Swedish for the financial year 2022 is attached in this press release, and is also available on the company’s website:

Minesto’s Annual Report in Swedish for the financial year 2022 is now available on the company’s website.

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.