News & Media

European Commission backs Minesto roadmap for commercial breakthrough

June 21, 2018
Press releases
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...Read more »
“This grant underscores Minesto’s ability and industry-leading track record in obtaining public funding support from the EU”, said Dr Martin Edlund, CEO of Minesto. “More importantly, it also shows that the European Commission acknowledges and supports our market entry approach based on initial... Read more »

Minesto raises SEK 72.5m in Rights Issue

February 21, 2018
Press releases
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...Read more »
“We have now secured funds to carry out crucial value-creating activities in the coming year, including demonstration of our unique Deep Green technology in Utility Scale in Wales. The strategy of product range enhancements together with site and market development in the EU and Taiwan is firm and... Read more »

Minesto's management acquires 640,000 warrants

February 14, 2018
Press releases
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...Read more »
In addition to senior executives, key personnel and other staff in Minesto acquire a total of 1,173,928 warrants under the employee stock option plan PO3. The plan comprises a total of 1,813,928 warrants, which at full subscription amount to SEK 12,951,445.92. The warrants in PO3 entitle the holder... Read more »

Gravity base structure delivered as Minesto progress towards Holyhead Deep installation

February 01, 2018
Press releases
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...Read more »
“With the delivery of the gravity base structure, we are making significant progress towards the first installation in Holyhead Deep”, says David Collier, COO of Minesto. “Preparations for offshore testing is in it final stages and we are relishing the prospect of soon being operative in the tidal... Read more »

Minesto takes steps towards world’s first ocean current electricity generation

January 17, 2018
Press releases
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...Read more »
Minesto has recruited a Taiwanese site developer as project manager to the newly established subsidiary Minesto Taiwan Ltd. The local presence allows Minesto to pursue activities within the Asian market with higher intensity than before, says Dr Martin Edlund, CEO of Minesto: “We strengthen the... Read more »

Minesto to enhance Deep Green product range and intensify market penetration activities

January 15, 2018
Press releases
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...Read more »
The preparations in Wales for offshore testing of Minesto's first commercial-scale Deep Green device is now in its final phase. Installation is due to commence in April 2018, with the ambition to generate electricity during the third quarter 2018. This is a key milestone in the overall development... Read more »

Minesto’s technology transforms ocean energy into one of the most cost-effective energy resources, new Cost of Energy analysis states

October 12, 2017
Illustration of Minesto's ocean energy device Deep Green and its subparts
Press releases
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...Read more »
As part of its first commercial-scale project, Minesto together with ITPEnergised has completed an updated Levelized Cost of Energy (LCOE) analysis of Minesto’s marine energy converter based on new knowledge of the system, its potential and its costs. Projections now show that Minesto’s LCOE will... Read more »

Minesto strengthens its commercial position with management team appointments

September 15, 2017
Press releases
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...Read more »
David Collier joins Minesto as new Chief Operating Officer (COO), adding a track record to the management team matched by few others in the ocean energy industry. For the last 30 years of his career, he has spent the vast part in the offshore energy sector building and leading engineering teams and... Read more »

Minesto awards new foundation supplier

August 15, 2017
Press releases
Minesto has awarded Jones Bros Ruthin (Civil Engineering) Co Ltd the contract to construct the foundation for Minesto’s first commercial-scale tidal energy power plant. Due to the delivery time for the new foundation, the first installation in Holyhead Deep will be moved forward. “We are well...Read more »
Minesto has completed the procurement of a new foundation construction supplier, following the announcement by the previous contractor in July that it could no longer fulfil its commitments to the project. The new contract has been awarded to the Welsh outfit Jones Bros Ruthin (Civil Engineering)... Read more »

Minesto to engage new supplier of GBS foundation

July 04, 2017
Press releases
Minesto has decided to engage a new supplier for the construction of a gravity-based structure (GBS) foundation for the company’s first Deep Green installation in Holyhead Deep, as a consequence of the discontinuation by current supplier Ocean Resource Ltd. “We have taken immediate actions to...Read more »
Ocean Resource Ltd, who was originally awarded the delivery of the GBS foundation for the first commercial-scale installation of Minesto’s marine energy power plant Deep Green, has informed Minesto that they can no longer meet their financial commitments to their subcontractors, leaving them unable... Read more »

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