Interim Management Statement 1 January-30 September 2022

Financial Reports

20 oktober 2022

CEO Dr. Martin Edlund: “Significant potential for green electricity through tides and ocean currents is found in Southeast Asia. At the time of publication of this text, I am on an extensive meeting tour in Japan, Taiwan, Indonesia, and the Philippines; with the aim of accelerating the establishment in one of our most important future markets.”

Significant events July-September 2022

In the beginning of September, it was announced that the commissioning of the second unit of the tidal energy power plant Dragon 4 was commencing. The commissioning is being executed with important experience of cost-efficient onshore and offshore operations. In Vestmanna, Minesto has established a flexible setup where a small team can assemble and launch the system in a few hours.

In September, Minesto announced that the company has been selected to participate in the Swedish business delegation at the United Nations Climate Change Conference COP27 that will take place in Egypt in November. The partnership provides good opportunities to disseminate knowledge about the company’s technology to the world’s utility companies and governmental authorities, with the ambition to put predictable ocean energy on the global energy transition agenda.

After the end of the period

In early October, the company announced that the site development of the world’s first tidal energy kite array in Hestfjord, Faroe Islands, is progressing according to plan. The total planned capacity of the array is about 30 MW, and the annual yield of the site is estimated to be 84 GWh. The assessment work undertaken covers all aspects of the site development, including environmental assessment studies, cable routing and grid connection points.

The Group in summary 1 January – 30 September 2022

Total operating income amounted to SEK 33,935 thousand (31,202 thousand) and mainly included capitalised development work.

Operating loss was SEK –15,822 thousand (–13,183 thousand). The negative result is largely attributable to business development and administration related to technology development and includes costs such as personnel and consultants. Of the personnel costs, SEK 31,715 thousand (29,105 thousand) has been capitalised as development work.

At the end of the period, capitalised development costs amounted to SEK 354,737 thousand (275,919 thousand), in addition to capitalised patent expenses of SEK 14,795 thousand (14,077 thousand), all within the intangible assets of SEK 369,532 thousand (289,996 thousand).

Grants of SEK 48,913 thousand (15,865 thousand) were accrued during the period, of which SEK 46,821 thousand (13,856 thousand) reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 27,146 thousand (14,809 thousand) were received from public funding schemes, of which the entire amount (14,809 thousand) relates to approved claims.

Cash flow amounted to SEK –83,218 thousand (76,257 thousand). At the end of the period, cash and cash equivalents amounted to SEK 67,852 thousand (181,540 thousand).

At the end of the period, equity amounted to SEK 525,910 thousand (543,018 thousand) divided into 137,655,143 shares (137,655,143 shares), of which loss for the period was SEK –11,868 thousand (–9,566 thousand).

The Interim Management Statement is available to download at Minesto’s website:

For additional information please contact

Cecilia Sernhage, Communications Manager
+46 735 23 71 58

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CEST on 20 October 2022.