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.

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.