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).

Minesto, leading ocean energy developer, signs today a collaboration agreement (MoU) that outlines goals, roles, and responsibilities of a strategic collaboration with experienced Philippines-based tidal project developer, Poseidon Renewable Energy Corporation.

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.

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.