Minesto completes first installation phase of the Vestmannasund project

Minesto progresses its tidal energy project in the Faroe Islands. The leading marine energy developer has completed the first offshore installation phase of the project, as the gravity-based foundation for the powerplant has been installed at the site in Vestmannasund.

“We are very pleased to have the first sub-sea hardware in place. The operations team has managed to safely progress the offshore installation campaign, adapting the plan to overcome both unfavourable weather conditions and logistical challenges related to the ongoing pandemic”, said David Collier, COO at Minesto.

The novel gravity-based foundation, designed and fabricated by Leask Marine in Orkney, UK, consists of a base frame and a number of doughnut-shaped ballast weights.  Each component has been individually lowered to the seabed using the Leask multicat vessel C-Fenna.

The foundation will provide the connection point for Minesto’s DG100 tidal kite system.  When installed to the foundation, the bottom joint of the kite system provides a pivoting connection point for the tether, allowing the kite to operate freely in its automatically controlled figure-of-eight trajectory. This enables the system to generate predictable renewable tidal electricity.

“The gravity-based structure developed for the Vestmannasund project has a new cost-effective modular design, which among other things means that we can use smaller vessels for transportation and installation”, said David Collier.

The next installation phase involves the sub-sea export cable that distributes electricity generated by the powerplant to the electric grid operated by Minesto’s partner SEV.

For additional information please contact

Martin Edlund, CEO
+46 31 29 00 60
press@minesto.com

About Minesto

Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean.

Minesto’s award winning and patented product, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.

With more than €40 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union’s largest investment in marine energy to date.

Minesto was founded in 2007 and has operations in Sweden, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission, email: ca@gwkapital.se, telephone: +46 8 503 000 50.

Read more about Minesto at www.minesto.com

Press images and other media material is available for download via bit.ly/Minesto_media.