Minesto and SEV strengthen partnership for tidal energy build-out in the Faroe Islands

Press releases

23 januari 2023

Minesto, leading ocean energy developer, and SEV, Faroese utility company, have renewed and expanded the collaboration agreement outlining respective roles and responsibilities related to tidal energy build out in the Faroe Islands, including the ongoing electricity production in Vestmannasund and the first large scale tidal array in Hestfjord.

An important add-on to the extended agreement stipulates the exclusive nature of the collaboration regarding the Hestfjord site development and build-out. This aspect facilitates and supports the ongoing work to create an attractive investment and the set-up of a Special Purpose Vehicle (SPV) to funnel project investments, Power Purchase Agreement (PPA), potential public funding (e.g., EU) and other assets.

The agreement also outlines the expanded operation at the existing Vestmanna production site. Minesto recently completed the Dragon 4 site with a second subsea foundation and additional electrical infrastructure. Installation work onshore for the 1.2 MW Dragon 12 is performed in parallel.

The collaboration is based on sharing of production and performance data from ongoing operations as well as in-depth analysis of site characteristics of the existing and planned site locations for joint business case assessments.

“Strengthened and extended collaboration with the utility company SEV is a corner stone for Minesto in creating one of our first tidal energy arrays. SEV’s role as a pioneer customer, infrastructure provider and obvious leading local actor is highly appreciated and valued,” says Dr Martin Edlund, CEO of Minesto.

“Minesto has shown a strong commitment to the Faroe Islands operations and the technology is in steady progress. We are looking forward to the upcoming scale-up of the dragons as well as continued site development work in Hestfjord.” says Hákun Djurhuus, CEO of SEV.

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 13:30 CET on 23 January 2023.

Document: Press release