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.

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.