Interim Management Statement 1 January-31 March 2022

Financial Reports

21 april 2022

CEO Dr. Martin Edlund: “With a strong confidence from our financial partners, we continue our dedicated work to demonstrate tidal energy as a commercially viable energy source.”

Significant events January-March 2022

In March, Minesto announced that the company has decided to concentrate its operational activities this year on the new, upgraded Dragon Class power plants in Vestmannasund, Faroe Islands. Within the framework of the existing electricity purchase agreement with SEV, the company's customer and partner in the Faroe Islands, the plan is to install two Dragon 4 systems in 2022, followed by a Dragon 12 system – Minesto's first megawatt-scale power plant – for grid-connected operation in Vestmannasund.

After the end of the period

In April, Minesto launched a build-out plan for tidal energy arrays in the Faroe Islands.  The plan includes four new verified sites with potential to supply 40% of the country's growing electricity consumption, enabling the Faroe Islands to reach their policy goal of 100% renewable energy by 2030. Together with the local electricity company SEV, Minesto has presented the plan to a broad-based group of political and local community stakeholders – including the Faroese Prime Minister and the Minister of Environment, Industry and Trade – and it has been received very positively.

Group in summary 1 January–31 March 2022

Total operating income amounted to SEK 11,117 thousand (10,480 thousand) and mainly included capitalised development work.

Operating loss was SEK –4,450 thousand (–4,584 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 10,232 thousand (9,862 thousand) has been capitalised as development work.

At the end of the period, capitalised development costs amounted to SEK 313,037 thousand (241,377 thousand), in addition to patent expenses of SEK 14,514 thousand (13,629 thousand), all within the Intangible Assets of SEK 327,551 thousand (255,006 thousand).

Grants of SEK 18,968 thousand (4,727 thousand) were accrued during the period, of which SEK 18,230 thousand (4,128 thousand) reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 6,986 thousand (5,810 thousand) were received from public funding schemes.

Cash flow amounted to SEK –27,531 thousand (–18,194 thousand). At the end of the period, cash and cash equivalents amounted to SEK 123,252 thousand (89,638 thousand).

At the end of the period, equity amounted to SEK 534,193 thousand (411,600 thousand) divided into 137,655,143 shares (128,715,788 shares), of which loss for the period was –3,595 thousand (–2,253 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

This disclosure contains information that Minesto AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 21 April 2022, 08:30 CEST.