Minesto strengthens the company’s executive team as Elke Rosiers, with extensive experience from the energy industry and from turning new technology to business, has been appointed new Chief Marketing Officer. Through the recruitment Minesto strengthens its sales and marketing organisation to gear up the work for commercial roll-out of the company’s ocean energy technology. Elke takes up the position as Chief Marketing Officer immediately as a part of Minesto’s executive team.

CEO Dr Martin Edlund: “The solid financial position together with the technical and operational progress during the year has provided a powerful platform to deliver our existing projects, scale up the technology, expand industrial collaboration and establish new projects.”

Leading marine energy developer Minesto has reached further improved power production performance through upgrades and modifications of the company’s DG100 marine power plant. Furthermore, key aspects of test operations and electricity production with the DG100 system have now been third-party verified by DNV in accordance with international standards.

The number of shares and share capital in Minesto AB has increased as a result of the exercise of warrants of series TO3.

The warrants program TO3 in Minesto AB has been successfully completed. The program was fully subscribed, which means that Minesto adds SEK 161.6 million in proceeds before issue costs to secure the company’s commercial expansion. A total of 10,236,653 new shares in Minesto were subscribed for through the warrants program, corresponding to an exercise rate of 99.1 percent.

The shareholders of Minesto AB, org.nr 556719-4919 (”Minesto” or ”Company”), are hereby given notice to attend the Annual General Meeting to be held on Wednesday 2 June 2021.

CEO Dr Martin Edlund: “The satisfactory results from operations in the Faroe Islands, both in terms of electricity production and the DG100 system’s performance in automatic mode, provides the right conditions and significant risk reduction to drive the development of larger power plants and the first commercial farms.”

Leading marine energy developer Minesto continues to make operational progress in the company’s tidal energy project in the Faroe Islands. During electricity production runs over the last weeks Minesto’s DG100 power plant has delivered grid-compliant electricity at new record levels.

As part of the continued operations programme in its tidal energy project in the Faroe Islands, Minesto has made significant progress related to electricity generation to grid. The company’s DG100 power plant has reached peak power production performance above 110 kW with average power produced over a tidal cycle aligned with predictions in simulation runs.

CEO Dr Martin Edlund: “Despite the coronavirus pandemic, during 2020 Minesto has advanced its positions both in technology through delivery to the electricity grid, and on the market side by establishing partnerships with key players in the energy industry.”

Leading marine energy developer Minesto and Schneider Electric, the global leader in the digital transformation of energy management and automation, have entered a Memorandum of Understanding to work together to develop and build ocean energy farms based on Minesto’s Deep Green technology.

As a part of the ongoing commissioning work of its DG100 tidal kite system Vestmannasund, Faroe Islands, leading marine energy developer Minesto has reached the milestone of delivering electricity to the Faroese grid facilitated by the Power Purchase Agreement with the utility company SEV.

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.

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.

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.

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.”

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.

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. 

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.

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.

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.

On 8 November 2019, the Board of Directors of Minesto AB (”Minesto” or ”the Company”) decided on a new share issue with preferential rights for existing shareholders (the ”Rights Issue”), based on the authorization given by the annual general meeting on June 4, 2019. The prospectus that has been established with regards to the Rights Issue has today been approved and registered by the Swedish Financial Supervisory Authority. The prospectus is available on Minesto’s website (www.minesto.com), Pareto Securities’ website (www.paretosec.se) and Aktieinvest’s website (www.aktieinvest.se).