The Swedish Energy Agency has awarded Minesto a 2.8 MSEK grant to support development and testing of next generation mooring system. The grant co-funds a project through which Minesto will advance performance of the unique tether system that moors the powerplant to the seabed.

Minesto, leading ocean energy developer, continues to push the preparations to completion for commissioning of Dragon 12 in Vestmanna, Faroe Islands. Today, Minesto’s CEO Dr Martin Edlund comments on the multiple ongoing activities.

Minesto, leading ocean energy developer, has successfully executed the Launch & Recovery method (LARS) for the first megawatt tidal kite Dragon 12 (1.2 MW, 25 tons). The operations developed for the Dragon 4 (100kW, 2.5 tons) were proven equally effective with the large-scale kites utilizing the same small work vessel.

Minesto, leading ocean energy developer, has successfully completed the Dragon 12 offshore infrastructure in Vestmannasund, Faroe Islands. With the successful connection of the export cable on to the foundation, the Dragon 12 production site is now ready for power production.  

Minesto, leading developer of ocean energy, has today successfully completed the installation of a drilled and grouted seabed anchor solution for the Dragon 12, at the company’s production site offshore in Vestmannasund, Faroe Islands. The installation was carried out by Minesto’s collaboration partner Leask Marine Ltd. The Dragon 12 kite system is assembled, tested and ready for installation, commissioning, and power production.

Minesto, leading ocean energy developer, is part of the Swedish official business delegation to the COP28, the United Nations’ global climate change conference.  Starting today, Minesto’s CEO Dr Martin Edlund will participate in several programme sessions throughout the event.

Minesto, leading ocean energy developer, today announces that the Dragon 12 kite (1.2 MW) is now being shipped from the Uddevalla port to Faroe Islands for final stage of commissioning in Vestmanna.

Minesto’s CEO Dr Martin Edlund presents today at Aktiespararnas Stora Aktiedagen in Göteborg, 6 November 2023.  Minesto’s presentation is 08.50 am. 

Minesto, leading ocean energy developer, has completed the manufacturing of the Dragon 12 wing and started system integration at quayside in Uddevalla port, Sweden. The quayside completion of the kite enables an efficient shipment directly to Minesto’s tidal energy production site in Vestmannasund, Faroe Islands.

Minesto, leading ocean energy developer, is for the second time part of the official Swedish business delegation to the United Nation’s global climate conference, COP28 in Dubai 30 Nov-12 Dec 2023. The road to COP28 starts today at Climate Week New York, where leading companies, academia and public sector are gathering in New York in conjunction with the opening of UN’s General Assembly.

Minesto, leading ocean energy developer, has completed build and functional testing of sea-bed connection system for the 1.2-Megawatt power plant Dragon 12. The unique connection system, enabling one of the fastest launch and recovery operation in marine energy by “one-stab” operation, is now ready for installation.

Today, Minesto’s CEO Dr Martin Edlund is one of the speakers in a panel discussion ”Scaling Up Renewables” at VivaTech, Paris 14-17 June. The event is Europe’s biggest startup and tech event, aiming to accelerate innovation by connecting startups, tech leaders, major corporations and investors to respond to the world’s biggest challenges. 

Minesto, leading ocean energy developer, has for ten days carried out a load test during electricity production with a new potentially performance-enhancing subsystem. Yesterday the production was interrupted, and an unplanned surface recovery was successfully carried out.

Recording of CEO Dr Martin Edlund’s speech to the Annual General Meeting 2023 of Minesto AB, 7th of June 2023.

The recording is available on the company’s youtube channel, please click here (https://youtu.be/UpJUh5PY3AU)

The speech is in Swedish.

The English text is an uncertified translation and in the event of any inconsistency between the English text and the Swedish text, the Swedish text shall prevail.

The Annual General Meeting of Minesto AB was held today, June 7, 2023, at Hotel Riverton at Badhusgatan 26 in Gothenburg. Chairman of the Annual General Meeting (the “AGM”) was Eric Ehrencrona from MAQS Advokatbyrå.

Minesto, leading ocean energy developer, today announces the appointment of Gustav Kvibling as new Chief Financial Officer (CFO). After eight years in the role, Fredrik Ahlström will leave Minesto to pursue other career opportunities. Minesto is also expanding its Executive Team with new members and updated roles, to focus on moving towards large scale commercial buildout.

Minesto, leading ocean energy developer, has today successfully completed the first phase of Dragon 12 (1.2 MW) offshore installation in Vestmanna, Faroe Islands. The 3.4 km main subsea cable was laid on the seabed, from the onshore grid connection point to the offshore installation node.  

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, 7 June 2023 at 3 p.m. at Hotel Riverton at the address Stora Badhusgatan 26 in Gothenburg. The entrance opens and the registration starts at 2.30 p.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 15 March 2023, Minesto AB (”Minesto” or the ”Company”) announced the preliminary outcome of the Company’s rights issue (the ”Rights Issue”). The Company has received the final outcome of the Rights Issue, which is in line with the preliminary results, which concludes that 15,961,083 shares, corresponding to approximately 54.1 percent of the offered shares, have been subscribed for with subscription rights in the Rights Issue. Additionally, applications for subscription of 1,130,183 shares without subscription rights, corresponding to approximately 3.8 percent of the offered shares, have been received. In aggregate, the subscriptions by exercise of subscription rights and the applications for subscription without subscription rights correspond to approximately 57.9 percent of the offered shares. Hence, guarantee commitments of approximately 5,986,285 shares, corresponding to approximately 20.3 percent of the offered shares, will be allocated to guarantors. The Rights Issue will provide the Company with approximately SEK 120 million before deduction of transaction costs.

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 (“Minesto” or the “Company”) announces that the preliminary outcome of the Company’s rights issue (the ”Rights Issue”), for which the subscription period ended on 15 March 2023, indicates that 15,961,083 shares, corresponding to approximately 54.1 percent of the offered shares, have been subscribed for with subscription rights in the Rights Issue. Additionally, applications for subscription of 1,130,183 shares without subscription rights, corresponding to approximately 3.8 percent of the offered shares, have been received. In aggregate, the subscriptions by exercise of subscription rights and the applications for subscription without subscription rights correspond to approximately 57.9 percent of the offered shares. Hence, guarantee commitments of preliminary 5,986,285 shares, corresponding to approximately 20.3 percent of the offered shares, will be allocated to guarantors.  The Rights Issue will provide the Company with approximately SEK 120 million before deduction of transaction costs.

Minesto, leading ocean energy developer, has installed the tidal power plant Dragon 4 and generated first electricity at the newly added second foundation in Vestmannasund. The upgraded tether solution indicates further increase in production yield based on lower friction in the water.

Minesto, leading ocean energy developer, has contracted Leask Marine for the installation of a drilled foundation anchor for the first Dragon 12 kite system in Vestmanna, Faroe Islands. This marks a shift from historically using gravity-based foundations to a drilled anchor solution. The shift brings substantially lowered carbon footprint and reduced installation costs, making Minesto well positioned for array buildouts.  

Minesto, leading ocean energy developer, continues the operation of tidal energy power plants at the grid-connected site in Vestmanna, Faroe Islands according to plan. The 100-kW tidal power plant Dragon 4 has delivered the highest total production volume for a continuous month of operation at the beginning of the year. An upgraded tether that is set out to further improve the output of the system is now being implemented.

Minesto’s CEO Dr Martin Edlund comments today on the company’s ongoing Rights Issue. Alf Riple, Senior Advisor at Granitor, interviews Martin Edlund at Minesto’s new workshop facility in Gothenburg, Sweden. The interview is in Swedish.

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 February 2023, Minesto AB (”Minesto” or the ”Company”) announced that the board of directors had resolved on a rights issue of up to approximately SEK 153 million (the ”Rights Issue”), conditional on the approval of an extraordinary general meeting. On 20 February 2023, the extraordinary general meeting approved the Rights Issue, which the Company announced the same day. Today, Minesto announces that the prospectus relating to the Rights Issue has been approved by the Swedish Financial Supervisory Authority and has been made available on Minesto’s webpage, www.minesto.com/investors/rights-issue-2023, together with all other information related to the Rights Issue. The prospectus will also be made available on Pareto Securities’ webpage, www.paretosec.com, on Skandinaviska Enskilda Banken AB:s webpage, www.sebgroup.com/prospectuses, and at the Swedish Financial Supervisory Authority’s webpage, www.fi.se.

Minesto, leading ocean energy developer, and Taiwan Cement Green Energy (TCCGE) have entered into a collaboration agreement to pursue tidal and ocean current energy build out in Taiwan. The agreement covers assessments of economic and technical feasibility of selected sites, site development, and applications for feed in tariffs.

The correction refers to a typing error on page 9, where minus signs are missing on “Årets Resultat” and “Moderbolagets aktieägare” column “2022”.

The Annual Report in Swedish for the financial year 2022 is attached in this press release, and is also available on the company’s website:

An extraordinary general meeting in Minesto AB was held today, 20 February 2023, at the premises of MAQS Advokatbyrå with address Östra Hamngatan 24 in Gothenburg. Chairman of the meeting was lawyer Eric Ehrencrona.

The shareholders of Minesto AB (publ), reg. no. 556719-4914 (“Minesto” or the “Company”), are hereby given notice to attend the Extraordinary General Meeting to be held on Monday, 20 February 2023 at 1:00 p.m. at MAQS Advokatbyrå’s premises on Östra Hamngatan 24 in Göteborg.

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.

The board of directors in Minesto AB (”Minesto” or the ”Company”) has today, subject to the approval by an extraordinary general meeting, resolved to carry out a partially secured rights issue of shares of approximately SEK 153.4 million before deduction of transaction costs (the ”Rights Issue”). The subscription price has been set to SEK 5.20 per share. Those who on the record date are registered as shareholders in Minesto have, for each fourteen (14) existing shares, preferential rights to subscribe for three (3) newly issued shares in the Rights Issue. The Company has received subscription commitments from Corespring New Technology AB, the Company’s senior management, and the chairman of the board, amounting to approximately SEK 15.2 million, corresponding to approximately 9.9 percent of the Rights Issue. Furthermore, the Company has entered into agreements on guarantee commitments of SEK 104.8 million, which secures the Rights Issue to approximately 78.2 percent. The notice to the extraordinary general meeting will be published today through a separate press release. Due to the Rights Issue, the publishing of Minesto’s Year-End Report and Annual Report is brought forward to the 24[th] of February 2023. Previously communicated dates were 16[th] of March 2023 (Year-End Report) and 23[rd] of March 2023 (Annual Report).