Martin Edlund continues as CEO of Minesto

The Board of Minesto AB has today appointed Dr Martin Edlund, since February acting CEO, as CEO of Minesto.“Martin holds an ideal combination of technical expertise, industry knowledge and experience in business development”, said Bengt Adolfsson, chairman of Minesto.

Dr Martin Edlund took over as acting CEO of Minesto in February this year, when Anders Jansson chose to leave his position. Over the past six years, Dr Edlund has served as Chairman of the Board with an operational role in the company, focusing on business development and partnerships.A recruitment process has been ongoing since February in order to identify a suitable successor. Bengt Adolfsson, chairman of Minesto, explains why the board chose to appoint Dr Martin Edlund:“With the upcoming industrialisation of the Deep Green technology in mind, we have been looking for a candidate with both an industrial and a commercial background; someone with experience of realise the development of an entirely new product. In addition, ocean energy is a complex industry, where it is vital to understand how technology, policy and business are related. Martin holds an ideal combination of technical expertise, industry knowledge and experience in business development”, Mr Adolfsson said and continued:“We are convinced that Martin Edlund is the right person to lead Minesto on the journey towards becoming a world leader in ocean energy.Göran Linder, CEO of Midroc New Technology and board member of Minesto:“I have worked with Martin in various forms for almost ten years and we have always had the same goal: to create a better world through cutting-edge technology. I have great confidence in Martin and I’m sure he can make a big difference in the company’s development”, Mr Linder said.Dr Martin Edlund has over the past 15 years alternated work as a management consultant with strategic research partnerships in world leading technology companies such as ABB, GE, LM Ericsson and ITT Industries. He also has extensive experience of developing small, technology-intensive enterprises. Dr Edlund holds a PhD in Innovation Management from the Department of Industrial Management and Economics at the Chalmers University of Technology and a Master’s degree in Engineering Physics. He is co-founder of the Chalmers School of Entrepreneurship, where Minesto was born ten years ago.“What has attracted me with Minesto from day one is the vast market potential Deep Green possesses. The technology is unique in that it unlocks to this point inaccessible natural resources – worldwide. To get the chance to lead this development together with our fantastic employees in Gothenburg, Holyhead and Portaferry is incredibly inspiring”, said Dr Martin Edlund, CEO of Minesto.In connection with the appointment of Dr Martin Edlund, the Board of Directors of Minesto has decided that Bengt Adolfsson continues as normal Chairman of Minesto.

For additional information please contact:

Bengt AdolfssonChairman of the Board, Minesto AB+46 70 849 03 44bengt@bgainvest.seDr Martin EdlundCEO, Minesto AB+46 31 29 00 60press@minesto.com

About MinestoMinesto is a marine energy technology company whose mission is to minimize the global footprint of the energy industry by enabling commercial power production from low velocity tidal and ocean currents.Minesto’s award winning and patented product, Deep Green, is the only proven marine power plant that operates cost efficiently in areas with low velocity currents.In May 2015, Minesto secured a €13m investment from the European Regional Development Fund through the Welsh European Funding Office, for the commercial rollout of Deep Green.Minesto was founded in 2007 and has offices in Gothenburg, Sweden, Holyhead, Wales and Portaferry, Northern Ireland. The major shareholders in Minesto are BGA Invest and Midroc New Technology. Read more about Minesto at www.minesto.comImages of Minesto’s management team and Deep Green are available to download from Minesto’s website.Follow Minesto on Twitter: @MinestoAB.