News & Media

Vestmannasund project update

October 30, 2020
News
Minesto is making progress at the company’s tidal energy site in Vestmannasund, Faroe Islands, in commissioning the DG100 kite system. To date Minesto has successfully verified the key kite system functions as well as conducted safe and efficient installation and recovery procedures.Read more »
“We are currently stepping through our commissioning plan which concludes with continuous power production to the Faroese grid. So far, we have verified the main functions of the DG100 system: kite launch and recovery procedures, kite flight control, start and stop commands, slack water turns, and... Read more »

Interim Management Statement 1 January–30 September 2020

October 22, 2020
Press releases
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...Read more »
Significant events July–September 2020 In early July, Minesto announced that the installation of the subsea cable in the Vestmannasund project in the Faroe Islands, which connects Minesto's power plant to the electricity grid, had not been completed as planned due to a technical issue that occurred... Read more »

Minesto’s Holyhead Assembly Hall is now fully operational

October 01, 2020
Minesto’s Holyhead Assembly Hall is now fully operational
News
Media
Minesto’s Assembly Hall located in Holyhead, Wales is now fully operational, serving as the hub of Minesto’s engineering and operational activities. The construction of the Assembly Hall was managed by Stena Line and the building was handed over to Minesto in spring, equipped with a loadout quay... Read more »

Warrant program PO4 in Minesto AB completed

September 22, 2020
Press releases
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...Read more »
PO4 is one of three warrant programs aimed at Minesto employees that were approved at the company's Annual General Meeting in 2019. A total of 280,000 warrants of series PO4 have been issued, all of which were acquired by senior executives in Minesto in August 2019. One (1) warrant of series PO4... Read more »

Faroe Islands project update

September 03, 2020
Minesto closes in on Vestmannasund kite launch
Press releases
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.Read more »
Dr Martin Edlund, CEO of Minesto said that there has been important progress and results from the installation and commission activities that have been conducted so far in Vestmannasund. “We have generated valuable flight data and control system data, and we have verified the chain of electricity... Read more »

Video: Faroe Islands project update

September 03, 2020
News
Media
CEO Dr Martin Edlund gives an update on Minesto's tidal energy project in Vestmannasund as well as other ongoing activities in the Faroe Islands.Read more »

Minesto publishes Half-Year Report 2020

August 20, 2020
Press releases
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.”Read more »
Significant events 1 April–30 June 2020 In early April, Minesto announced that the company and its partner, the Faroese electric utility company SEV, had been granted all necessary permits and consents for the installation of two marine power plants in Vestmannasund, Faroe Islands, where the power... Read more »

EIT InnoEnergy warrant program completed

August 17, 2020
Press releases
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.Read more »
Through investments totalling EUR 5.5 million during the years 2015–2018, EIT InnoEnergy has received a total of 8,513,595 warrants in Minesto AB divided into three series. Following the expiry of the final subscription periods on 15 August 2020, EIT InnoEnergy has exercised all the acquired... Read more »

Vestmannasund project update

July 30, 2020
Press releases
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...Read more »
After the concluded installation of the subsea export cable, which connects the kite system powerplant to the onshore control station, the Vestmannasund site infrastructure is now operational and the offshore site connected to the Faroese electricity grid. The DG100 kite system has been recovered... Read more »

Minesto's CEO subscribes for shares through PO4 warrants

July 10, 2020
News
Minesto's CEO Dr Martin Edlund has subscribed for 120,000 shares in Minesto AB through the exercise of warrants of series PO4. Minesto will thus receive just over SEK 3 million in proceeds.Read more »
At the same time, Martin Edlund has sold 119,000 shares, among other things to finance the exercise of the PO4 warrants. After the transactions, Martin Edlund's shareholding in Minesto AB amounts to a total of 141,000 shares. PO4 is one of three warrant programs aimed at Minesto employees that were... Read more »

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