Leading ocean energy developer, Minesto, features in a new internationally broadcast documentary series ‘Engineering Tomorrow’. Minesto’s pioneering underwater kite technology is showcased in the ‘Ocean Power’ episode, selected as one of a few tidal energy technologies to be showcased.

On April 30, Minesto, leading ocean energy developer, will publish their Interim Management Statement 1 January – 31 March 2025. Dr Martin Edlund, CEO, and Gustav Kvibling, CFO, will present details of the report in a webinar and share key updates from Minesto, followed by a Q&A session.

The shareholders of Minesto AB (publ), reg. no. 556719-4914, (”Minesto” or the ”Company”) are hereby given notice to attend the Annual General Meeting on Thursday 22 May 2025 at 10.00 a.m. at Hotel Riverton, Stora Badhusgatan 26 in Gothenburg. Registration for the general meeting begins at 9.30 a.m.

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Minesto AB (publ) (”Minesto” or the ”Company”) today announces the outcome of the exercise of warrants of series TO4, which were issued in connection with the Company’s rights issue of units during the second quarter of 2024. In total, 9,906,055 warrants of series TO4 were exercised, corresponding to approximately 89.0 percent of the total number of outstanding warrants of series TO4, for subscription of 9,906,055 shares at a subscription price of SEK 1.54 per share. Guarantee commitments of 1,221,727 shares, corresponding to approximately 11.0 percent of the outstanding warrants of series TO4, will thus be utilized. Thus, the board of directors has resolved on a directed share issue of 1,221,727 new shares (the ”Directed Issue”) to the external investor Philip Ohlsson (the ”Underwriter”). Minesto will receive approximately SEK 17.1 million before issuing costs through the exercise of the warrants of series TO4. Furthermore, the board of directors has resolved on a set-off issue of 667,666 new shares to the Underwriter to pay the guarantee compensation (the ”Compensation Issue” and together with the Directed Issue, the ”Share Issues”).

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.

Today, 28 March 2025, is the last day of trading with the warrants of series TO4 in Minesto AB (publ) (“Minesto” or the “Company”). The subscription period for the warrants of series TO4 runs up to and including 1 April 2025. Each warrant of series TO4 gives the owner the right to subscribe for one (1) new share in the Company. The exercise price for the warrants of series TO4 has been determined to SEK 1.54 per share. Please observe that certain nominees might close their application earlier than on 1 April 2025.

Minesto, leading developer of ocean energy is selected by renowned bearing manufacturer SKF to be part of a large-scale international marketing brand campaign. The campaign “The Faroe Islands Space Program – a space program that never leaves earth” highlights Minesto’s innovative and lightweight yet powerful tidal energy kites; and the opportunity to harness “moon energy”, making the most of the Earth’s resources in a sustainable approach. 

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 (publ) (“Minesto” or the “Company”) announces that the Company today, 24 March 2025, has received a guarantee commitment of approximately 10.3 MSEK from an external investor regarding the utilization of warrants of series TO4. The guarantee commitment is a so-called top guarantee and can be utilized in the event that less than 100 percent of the warrants of series TO4 are exercised for subscription of shares in the Company.

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 (publ) (“Minesto” or the “Company”) completed a rights issue of units during the second quarter of 2024. One (1) unit consisted of three (3) newly issued shares and one (1) warrant of series TO4. Each warrant of series TO4 gives the owner the right to subscribe for one (1) new share in the Company. The exercise price for the warrants of series TO4 is to be determined to 70 percent of the volume-weighted average price in the Company’s share on Nasdaq First North Growth Market during the measurement period, from 3 March 2025 up to and including 14 March 2025, however not lower than the share’s quota value (SEK 0.05) and not higher than SEK 4.5 per share. During the measurement period, the volume-weighted average price in the Company’s share was approximately SEK 2.20, therefore, the exercise price for the warrants of series TO4 has been determined to SEK 1.54. The subscription period for warrants of series TO4 runs from 18 March 2025 up to and including 1 April 2025.

Minesto, leading ocean energy developer, has been selected to participate in GIA (Global Innovation Accelerator). The Global Innovations Accelerator Programme is initiated and funded by the Swedish Energy Agency, and run together with partner Business Sweden. Minesto’s focus will be on strengthening business development in Asia.

On February 27, Minesto, leading ocean energy developer, will publish their 2024 Year-End Report. Dr Martin Edlund, CEO, and Gustav Kvibling, CFO, will present details of the Year-End Report in a webinar. Martin Edlund will highlight the company’s key focus areas moving forward, followed by a Q&A session.

An independent technical review of Minesto´s Dragon-class technology initiated in autumn 2024 has now been completed by DNV – a world leader in technology assessments and certifications in the energy & maritime sectors, incl. renewable energy solutions. The successfully completed review strengthens Minesto’s buildout investment case.

On Monday 3[rd] February, ocean energy developer Minesto welcomed Faroese stakeholders, authorities as well as the public to a seminar at the Nordic House in Torshavn. Martin Edlund, CEO of Minesto, presented the company’s vision for a sustainable energy system in the Faroe Islands, a 200MW buildout roadmap.  The CEO of Faroese utility company Sev, Hákun Djurhuus took part in a panel to discuss the role of tidal energy in reaching a 100% renewable electricity generation as well as the collaboration with Minesto in developing the first Dragon farm (tidal array) in Hestfjord.

Minesto, leading ocean energy developer, welcomes stakeholders, authorities, business community as well as the public and media to a seminar on the Faroe Islands’ opportunity to reach 100% renewable energy by unlocking the power of the Faroese tides. The seminar will take place on 3 February 2025, 16.30-18.15 at the Nordic House in Torshavn, Faroe Islands.

The CEO presentation from Minesto’s Capital Market Day is now available on the company’s website and YouTube channel. The Capital Market Day was held on 11 December 2024 at the company’s workshop in Gothenburg, Sweden.

After successful commissioning and four months of grid connected operation with Dragon 12, this autumn Minesto has focused on evaluation of powerplant performance, analysis of critical technical systems and operating procedures, as well as identification of selective upgrades of the megawatt-scale power plant. An integral part of this work is a third-party technology review performed by independent expert DNV. In parallel, further site development work to assess and compare tidal flow conditions between the existing site in Vestmanna and Hestfjord has been advanced, confirming excellent conditions for operation at the site in Hestfjord.

Relying on this work, Minesto has completed the overall design and technical specification of the upgraded Dragon 12 system targeting the first Dragon farm in Hestfjord (Phase 1: 10MW) in the Faroe Islands.

Due to the high interest in Minesto’s capital market day in the company’s workshop facilities in Gothenburg, the company extends the day’s programme – the workshop will stay open for an additional hour after completion of the stage programme at 16.00. Attendees will get the opportunity to walk around the workshop and visit stations showcasing various facets of the company. Kindly note that registration is compulsory for attending Minesto’s capital market day – registration is open until Monday, 9 December but may end earlier if capacity is full. 

Minesto, leading ocean energy developer, welcomes investors, analysts and media to a capital market day on 11 December 2024, 14.00-16.00 at Minesto’s premises in Gothenburg, Sweden. Minesto CEO Dr Martin Edlund will present the company’s way forward.

Minesto, leading ocean energy developer, is part of the official Swedish business delegation to United Nation climate change conference COP29, taking place in Baku, Azerbaijan. On “Energy Day” on 15 November, Minesto will host a session on the role and importance of innovation in tackling climate change. Mr Daniel Westlén, State Secretary to Swedish Minister for Climate and the Environment, will take part in the session.

Minesto is participating in one of the biggest international energy conferences, Enlit Europe 2024 taking place in Milan. The exhibition and conference, hosting 700+ international best-in-class technologies supporting energy transition, is held at Fiera Milano di Rho in Milan, Italy this year from 22 – 24 October. 

In the North Atlantic, leading ocean energy developer Minesto is moving forward with the pioneering build-out of a tidal energy site. The Hestfjord Dragon Farm is a first-of-a-kind tidal energy array with Minesto Dragon 12-kites with a total capacity of 10 MW in a first phase. Following the successful utility-scale installation of the Dragon 12 in Vestmanna and corresponding interest by various parties in the technology, Minesto assigns strategic advisor Ernst & Young (EY) to the unique Dragon Farm Project, with focus on investments.

Swedish technology developer Minesto continues to attract global recognition for their unique tidal energy kites, generating electricity from tidal streams and ocean currents. The underwater kites and demonstration site in the Faroe Islands were recently featured on BBC News.

Project Update Vestmanna: Four months of grid-connected operation with the utility-scale Dragon 12 is now followed by service and inspection. Ongoing operations continue to attract visits from international stakeholders and high-level decision-makers.

Leading ocean energy developer Minesto and pioneering Faroese utility company Sev have jointly renewed and updated the power purchase agreement (PPA). The price-level is adjusted to denote the total system value of tidal energy in the future 100% renewable energy mix in the Faroe Islands.

The Annual General Meeting of Minesto AB was held today, May 22, 2024, at Hotel Riverton at Badhusgatan 26 in Gothenburg. Chairman of the Annual General Meeting (the “AGM”) was Eric Ehrencrona from MAQS Advokatbyrå.

Recording of CEO Dr Martin Edlund’s speech to the Annual General Meeting 2024 of Minesto AB, 22[nd] of May 2024.

In today’s presentation at the AGM (Annual General Meeting), Minesto shares Dragon Class performance data based on accumulated analysis of Dragon 4 power production curve and verified simulation modelling. The data plays a key role in third-party technical feasibility evaluations and in calculating yearly yields for investment proposals at specific site locations.

After thirteen years as a member of the board, and four years as Chairman of Minesto, illustrious investor Bengt Adolfsson, has decided to retire. Git Sturesjö Adolfsson, as the CEO of BGA Invest, remains on the board and continues to actively contribute to Minesto’s development and success.  

Minesto, leading ocean energy developer, today announces that for three months, since its initial installation in February 2024, the tidal kite Dragon 12 has been successfully grid connected and delivers as expected at the site in Vestmanna. In addition, for the first time, an array of tidal kites is in operation – the 1.2 MW D12 and one 100kW D4, adding valuable production data for array build-out. The data being generated underlines commercial readiness of Dragon Class systems and the continued testing supports both critical sales activities and preparations for product delivery.

The shareholders of Minesto AB (publ), reg. no. 556719-4914 (“Minesto” or the ”Company”), are hereby given notice to attend the Annual General Meeting to be held on Wednesday 22 May 2024 at 10 a.m. at Hotel Riverton at the address Stora Badhusgatan 26 in Gothenburg. The entrance opens and the registration starts at 9.30 a.m.

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 April 2024, Minesto AB (publ) (“Minesto” or the “Company”) announced the preliminary outcome of the Company’s rights issue of up to 13,394,391 units, consisting of three (3) shares and one (1) warrant of series TO4 in the Company each (the “Rights Issue”). The Company has received the final outcome of the Rights Issue, which is identical to the preliminary results, which concludes that 6,527,171 units, corresponding to approximately 48.7 percent of the Rights Issue, have been subscribed for with the support of unit rights. Additionally, applications for subscription of 288,226 units, corresponding to approximately 2.2 percent of the Rights Issue, have been received for subscription of units without the support of unit rights. In aggregate, the subscriptions with the support of unit rights and the applications for subscription without the support of unit rights correspond to approximately 50.9 percent of the Rights Issue. Hence, guarantee commitments of 4,312,385 units, corresponding to approximately 32.2 percent of the Rights Issue, will be utilized. The Rights Issue will provide the Company with proceeds of approximately SEK 100.2 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO4 the Company is expected to raise up to an additional approximately SEK 50.1 million before deduction of cost related to the exercise of the warrants.