The warrants program TO3 in Minesto AB has been successfully completed. The program was fully subscribed, which means that Minesto adds SEK 161.6 million in proceeds before issue costs to secure the company’s commercial expansion. A total of 10,236,653 new shares in Minesto were subscribed for through the warrants program, corresponding to an exercise rate of 99.1 percent.

The shareholders of Minesto AB, org.nr 556719-4919 (”Minesto” or ”Company”), are hereby given notice to attend the Annual General Meeting to be held on Wednesday 2 June 2021.

CEO Dr Martin Edlund: “The satisfactory results from operations in the Faroe Islands, both in terms of electricity production and the DG100 system’s performance in automatic mode, provides the right conditions and significant risk reduction to drive the development of larger power plants and the first commercial farms.”

Minesto’s largest owners BGA Invest and Midroc New Technology have exercised all of their warrants of series TO3 in Minesto AB. Through this, Minesto will add approximately SEK 44.7 million in proceeds before issue costs, corresponding to approximately 27 percent of the total TO3 program. In addition, Minesto AB’s senior executives have also exercised all their TO3 warrants. The subscription period for TO3 runs until April 30, 2021– but please note that nominees may have an earlier deadline for exercising the warrants.

Leading marine energy developer Minesto reinforces its already extensive patent portfolio covering the company’s unique ocean energy technology. Minesto has been granted a new patent by which the company extends the protection of its core technology.

Leading marine energy developer Minesto continues to make operational progress in the company’s tidal energy project in the Faroe Islands. During electricity production runs over the last weeks Minesto’s DG100 power plant has delivered grid-compliant electricity at new record levels.

Minesto’s annual report for the financial year 2020 is now available, in Swedish only, on the company’s website.

As part of the continued operations programme in its tidal energy project in the Faroe Islands, Minesto has made significant progress related to electricity generation to grid. The company’s DG100 power plant has reached peak power production performance above 110 kW with average power produced over a tidal cycle aligned with predictions in simulation runs.

CEO Dr Martin Edlund: “Despite the coronavirus pandemic, during 2020 Minesto has advanced its positions both in technology through delivery to the electricity grid, and on the market side by establishing partnerships with key players in the energy industry.”

Leading marine energy developer Minesto and Schneider Electric, the global leader in the digital transformation of energy management and automation, have entered a Memorandum of Understanding to work together to develop and build ocean energy farms based on Minesto’s Deep Green technology.

Leading marine energy developer Minesto continuous the operations programme with the DG100 tidal energy powerplant in Vestmannasund, Faroe Islands. This includes verification of electricity production together with the utility customer SEV and third-party certifier DNV. Personnel, hardware, and installation vessel have been mobilised and commissioning work is underway.

As a part of the ongoing commissioning work of its DG100 tidal kite system Vestmannasund, Faroe Islands, leading marine energy developer Minesto has reached the milestone of delivering electricity to the Faroese grid facilitated by the Power Purchase Agreement with the utility company SEV.

Minesto is making progress at the company’s tidal energy site in Vestmannasund, Faroe Islands, in commissioning the DG100 kite system. To date Minesto has successfully verified the key kite system functions as well as conducted safe and efficient installation and recovery procedures.

Minesto’s CEO Dr Martin Edlund: “The installation activities during the summer showed good progress towards the realisation of cost-effective procedures for the installation and maintenance of Minesto’s power plants. We are now looking forward to demonstrate the commercial viability of our technology and the customer values that this product creates.”

Senior executives in Minesto have subscribed for a total of 280,000 new shares in Minesto AB through the exercise of warrants of series PO4. As a result, all issued PO4 warrants in Minesto have been exercised and the company will add approximately SEK 7.4 million in proceeds through the warrant program.

Minesto has today announced that the company plans to continue commissioning activities in its tidal energy project in Vestmannasund, Faroe Islands in mid-October. Minesto has also verified the area for the first proposed array installation of its tidal kite technology in the Faroe Islands.

CEO Dr Martin Edlund: “The signals from the public sector remain positive in terms of financial support to accelerate the upscaling of renewable energy supply and to build the global economic recovery from a sustainable base.”

The previously issued warrant program in Minesto AB aimed at the European investor EIT InnoEnergy has been completed. A total of 8,513,595 shares were subscribed for in Minesto through the warrant program.

Minesto has completed the installation of subsea and onshore infrastructure in the company’s tidal energy project in Vestmannasund, Faroe Islands. Minesto also successfully installed the first DG100 tidal energy converter, but during the initial commissioning phase a mechanical failure occurred in the powerplant’s mooring interface and denied further operations.

Minesto’s CEO Dr Martin Edlund has subscribed for 120,000 shares in Minesto AB through the exercise of warrants of series PO4. Minesto will thus receive just over SEK 3 million in proceeds.

· Minesto presents at the EU Sustainable Energy Week
· Jonas Millqvist elected new chairman of Minesto
· Pictures and video from the Vestmannasund installation activities
· Minesto’s first DG100 kite system named “Havfrúgvin”

Onshore and offshore installation work has been conducted throughout the week in Minesto’s tidal energy project in Vestmannasund, Faroe Islands, involving Minesto, SEV and supplier personnel. The subsea cable installation that connects to the electric grid was not completed as planned due to a technical issue occurring during cable laying.

· Minesto invited as speaker at EU Sustainable Energy Week
· Pareto Securities initiates coverage on Minesto
· Photos: Minesto’s first offshore installation phase of the Vestmannasund project
· Minesto shortlisted as finalist in the renowned E-Prize awards

Minesto progresses its tidal energy project in the Faroe Islands. The leading marine energy developer has completed the first offshore installation phase of the project, as the gravity-based foundation for the powerplant has been installed at the site in Vestmannasund.

Minesto’s CEO Dr Martin Edlund has subscribed for 140,000 shares in Minesto AB through the exercise of allotted warrants of series P0.

· Minesto features in CNBC report
· Video: Presentation at Redeye Next Generation Renewables
· Analyst: Three “sustainable growth favourites”
· “Wales’s ’Energy Island’ perfectly placed to ride crest of the wave of marine renewables sector”
· Study: Tidal energy can have significant importance to the Faroese grid

Minesto AB has today published the Notice of the company’s Annual General Meeting (AGM) 2020. The AGM will be held in Gothenburg on 9 June 2020 at 15:00 CEST.

The strike price for warrants TO3 in Minesto AB has been set to SEK 15.79 in accordance with the applicable terms and conditions. One (1) TO3 warrant entitles to subscribe for one (1) share in Minesto during the period up to and including 30 April 2021.

When commercialised, renewable energy from tidal streams will become a significant energy resource to balance other, unpredictable renewable energy sources. This is the preliminary result of studies made as a part of a PhD project on the energy balance and stability of the Faroese electrical system.

CEO Dr Martin Edlund: “Our current strong cash position allows us to focus on creating industrial value and promote the market uptake of our unique product. This fits well with the bigger picture and macro trends where we see and hear encouraging messages from EU leaders and politicians on the support for the renewable agenda.”