Swedish marine energy developer Minesto has engaged with leading financial advisor Pareto Securities to intensify relationships with institutional investors. The purpose is to accelerate and capitalise the commercial rollout of Minesto’s first-of-its-kind renewable energy technology.

Marine energy developer Minesto has signed a Memorandum of Understanding with the Government of Antigua and Barbuda. Through a feasibility study, facilitated by the United Nations Office for Project Services, the parties will explore the possibilities of supplying the Eastern Caribbean with renewable ocean energy by Minesto’s technology.

Marine energy developer Minesto has concluded its warrants program of series TO 2. In total, 98 percent of outstanding warrants were exercised, which means that Minesto will add approximately SEK 44.4 million in proceeds before issue costs to the commercialisation activities of the company’s unique subsea kite technology.

Marine energy developer Minesto has filed a patent application with the aim of further extending the generic patent protection of the unique Deep Green energy technology. The new technical innovation expands the addressable market opportunities and at the same time reduces operating costs.

Minesto’s largest shareholders BGA Invest and Midroc New Technology has underlined their long-term commitment in Minesto by exercising all of their warrants held in Minesto AB. The subscription period for Minesto’s TO 2 warrants runs until 8thof February 2019.

Marine energy developer Minesto has taken the next step towards commercialisation of its subsea kite technology and the development of the marine energy sector in Wales. The company has entered the formal planning phase with Welsh Government for the second stage of public funding for Minesto’s tidal energy project in North Wales.

European powerhouse and investor in clean energy InnoEnergy expands its involvement in Swedish marine energy developer Minesto. InnoEnergy has awarded an additional €1 million to the commercialisation of Minesto’s unique marine energy technology, making Minesto InnoEnergy’s largest investment in ocean energy.

Swedish marine energy developer Minesto has signed a collaboration agreement with the main power generator and distributor on the Faroe Islands, SEV, for two installations of Minesto’s DG100 model. The agreement also includes a power purchase agreement through which SEV commits to purchase the electricity generated by Minesto’s tidal energy converters.

Marine energy developer Minesto has completed the offshore commissioning and test programme of its EU-funded tidal energy project offshore Holyhead, North Wales, which aims to demonstrate the company’s first utility-scale system of its pioneering subsea kite technology.

Marine energy developer Minesto has achieved initial electricity generation with its first commercial-scale marine energy kite during the commissioning program of the company’s ground-breaking low-flow tidal energy project in Wales.

Key stakeholders and local suppliers are joining Minesto in Holyhead today for an unveiling ceremony of the company’s first marine energy kite at utility scale.

Marine energy developer Minesto has verified the functionality of its unique Deep Green technology at utility scale, marking a significant milestone for the company and for the marine energy industry.

Marine energy developer Minesto has completed the initial commissioning sea trials of its unique subsea kite technology called Deep Green off the coast of Holyhead, North West Wales. Through the initial trials, a range of functionalities such as the kite control system, launch and recovery systems, connections and communications have been tested and verified in various sea states.

Marine energy developer Minesto has initiated the commissioning program of its first tidal energy project in commercial scale in North West Wales, with initial sea trials of the company’s DG500 tidal energy converter taking place in Holyhead harbour and the Holyhead Deep site.

Swedish marine energy developer Minesto has been selected by the European Commission for phase 1 of the Horizon 2020 SME Instrument programme. The awarded funding is dedicated to a customer-involved feasibility study with the purpose of facilitating commercialisation of Minesto’s unique Deep Green technology.

Javier Sanz, CTO Renewable Energies at InnoEnergy, a leading European investor in renewable energy and Jonas Millqvist, with extensive project finance experience from global wind developer Vestas are new board members in Minesto AB.

Marine energy developer Minesto has completed the second offshore installation phase of its DG500 project in Wales. Having installed the tether, micro grid system buoy and umbilical, all supporting components and systems needed to deliver the power produced by Minesto’s first system of the unique Deep Green technology in Utility Scale are now in place.

Minesto has completed the first offshore installation phase of the project aimed at demonstrating Minesto’s marine energy technology Deep Green in utility scale. The gravity-based structure, including the bottom joint system that moors Minesto’s DG500 power plant to the foundation, has been installed at the seabed in the Holyhead Deep off North West Wales.

On Thursday, 500 leading politicians and business representatives gathered in Brussels to participate in the fourth edition of the EU Energy Summit. During the conference, strong support was expressed for the development of the European marine energy industry.

The Swedish Energy Agency has announced today that it allocates SEK 105 million to a continued investment in marine energy. The initiative will contribute to exports of Swedish expertise and products.

The Rights Issue of units containing new shares and warrants in Minesto AB ended on the 16th of February. A total of 5,272,018 units were subscribed, corresponding to approximately SEK 59m, which means that approximately SEK 13.5m is allocated to guarantors of the Rights Issue. Through the Rights Issue, Minesto thus raises approximately SEK 72.5m before deduction of issue costs.

Swedish marine energy developer Minesto takes steps to include concepts related to offshore operations in its already strong patent portfolio. The increased scope of intellectual property will enable Minesto to create licensing deals for installation, operations and maintenance of Deep Green systems, while also increasing the earnings potential for each sold device. 

Senior executives in Minesto acquire 640,000 warrants under the employee stock option plan PO3. With a subscription price of SEK 7.14 and subscription period during the third quarter of 2019, the terms are in line with the warrants TO2 that will be issued in Minesto’s ongoing rights issue with a subscription price of SEK 7.00 and subscription period in February 2019.

Swedish marine energy developer Minesto has a product with key technological advantages in an area that is the next frontier for the energy market. These are some of the reasons why European investor InnoEnergy has invested €4.5m in Minesto, InnoEnergy’s Javier Sanz said at a renewable energy capital markets day on Wednesday.

The European investor InnoEnergy and Minesto attends a renewable energy capital markets day held in Stockholm tomorrow 7thof February. Keynote speaker of the event is Javier Sans, CTO Renewable Energies at InnoEnergy.

The gravity base structure foundation for Minesto’s first commercial-scale installation of its Deep Green technology has been delivered. The structure was floated on the River Mersey on Wednesday to mark a milestone for Minesto’s operations in Wales and the upcoming offshore installation in Holyhead Deep. 

Swedish marine energy developer Minesto intensifies activities in Taiwan to establish the company’s unique Deep Green technology in the Asian market. Local staff have been recruited to a newly established subsidiary to run the development of a tidal stream site in Keelung together with the National Taiwan Ocean University. A natural next step is to deploy Deep Green in the Kuroshio current, which could see the world’s first electricity generated from ocean currents.

Minesto intends to develop a smaller Deep Green device, DG100, which will provide the company with an additional commercial product to open new markets and business opportunities, including those in Asia. At the same time, Minesto intends to intensify and expand its activities for market penetration to establish the company’s unique Deep Green technology in more markets.

An updated Cost of Energy analysis of Minesto’s unique ocean energy technology shows substantial improvements compared to previous estimates.
“These new results convince me that our technology is transforming ocean energy into one of the most cost-effective energy resources”, said Dr Martin Edlund, CEO of Minesto.

Minesto has hired David Collier, with 30 years of experience in offshore energy, as new COO. At the same time, Bernt Erik Westre has been appointed as new CTO to replace leaving Heije Westberg.
“With these changes, we strengthen our commercial position and put a sharper focus on customer-driven product development in Minesto”, said Bengt Adolfsson, Chairman of Minesto.