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.”

· Minesto secures all permits for Faroe Islands’ installations
· EU leaders back ‘green transition’ in Covid-19 recovery plan
· Year-end Report and Annual Report 2019
· Video: CEO comments on the coronavirus situation and Minesto’s ongoing project in the Faroe Islands
· Virginia Crosbie MP: We need to embrace the economic and political opportunities of decarbonisation
· Tidal power impact on marine wildlife ’significantly lower than predicted’: study

Marine energy developer Minesto and its collaboration partner, the Faroese electric utility company SEV, has been granted all necessary permits and consents for the installation of two grid-connected tidal kite systems in Vestmannasund, Faroe Islands.

CEO Dr Martin Edlund: “At the beginning of 2020, Minesto holds a stronger cash position than ever. This means that we can increase the company’s commercial activity, with the goal of entering into further customer collaboration arrangements and secure project financing for the expansion of larger marine energy production arrays.”

Minesto is closely following developments related to the coronavirus disease COVID-19 to assess how governmental actions and restrictions around Europe might affect operations and project activities. To date, the company has had no negative impact on incoming components and subsystem deliveries. The major kite system components for Minesto’s Faroe Islands project are assembled and are currently being factory tested and commissioned. Minesto is targeting installation of the first DG100 system in the second quarter of 2020.

· Minesto’s “revolutionary sea kite design” features on BBC’s Our Coast
· Minesto showcases its kite technology at the Engineering the Energy Transition Conference
· Net Zero panel at the MEW Conference: What role will marine energy play?
· Wanted: Project Manager to Gothenburg and Civil Subsea Engineer to Holyhead
· Ynys Môn MP visits Minesto’s Holyhead operations
· European Commission launches €75m BlueInvest Fund to “unlock the potential of the blue economy” 

Leading marine energy developer Minesto has signed a power purchase agreement (PPA) with the Faroese electric utility company SEV, advancing the parties’ collaboration to integrate tidal energy in the Faroe Island’s electricity mix. The PPA comprises both the planned installations of two 100kW systems of Minesto’s subsea kite technology and an additional 2MW capacity allocated for installations of utility-scale tidal energy systems in the Faroe Islands. 

· Video: Company presentation at renewable energy investor event (in Swedish)
· Minesto proud sponsor of Marine Energy Wales Conference 2020
· TO3 Warrants has started trading
· New International Strategy for Wales launched
· EU announce €1 trillion Green Deal Investment Plan
· WalesOnline: How the sea is being used in Wales to fight climate change
· Local supply chain in focus when Swedish newspaper Bohusläningen reports on Minesto’s DG100 project

In December 2019, Minesto AB (publ) (”Minesto” or ”the Company”) carried out a rights issue of shares and warrants (units). The new shares and warrants have now been registered by the Swedish Companies Registration Office and will be admitted to trading on Nasdaq First North Growth Market on January 21, 2020.

The Board of Directors of Minesto AB (publ) (”Minesto” or ”the Company”) has decided to amend the terms and conditions of the warrants of Series P0 in the Company. The change means that the subscription period is extended from the end of 31 December 2019 to the end of 30 June 2020.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. PLEASE REFER TO IMPORTANT INFORMATION AT THE END OF THE PRESS RELEASE.

The rights issue in Minesto AB (publ) (“Minesto” or “the Company”), for which the subscription period ended on 18 December 2019, was subscribed for a total of approximately SEK 107 million, corresponding to an oversubscription of approximately 25 percent. Through the rights issue Minesto will receive approximately SEK 86 million in proceeds before deduction of issue costs.

Minesto’s largest shareholder BGA Invest has subscribed for units for approximately SEK 20 million in Minesto’s ongoing rights issue, corresponding to just over 23 percent of the issue’s total volume of approximately SEK 86 million. The investment means that Minesto’s two main owners BGA Invest and Midroc New Technology have invested a total of SEK 40 million in the company during autumn 2019.

Today December 4 the subscription period for Minesto AB’s (”Minesto” or ”the Company”) new issue of units with pre-emptive rights for existing shareholders (”the Rights Issue”) begins. The subscription period runs from December 4 to 18, 2019. Please note that nominees may have a final reply date that is before December 18. According to previously communicated terms, the subscription price for warrants of series TO3, included in the Rights Issue unit, has been reset to SEK 16.20 per share.