News

Minesto and electric utility SEV extend PPA and plan for scale-up in Vestmannasund

September 08, 2021

Leading marine energy developer Minesto has signed a two-year extension of its Power Purchase Agreement (PPA) with the electric utility company SEV for Minesto’s tidal energy site in Vestmannasund, Faroe Islands. In addition, a site extension analysis concludes that the current 200 kW Vestmannasund...Read more »

“It is of great importance to Minesto that our collaboration with SEV is extended and expanded. We have a mutual commitment to a continuation of the ongoing operations in Vestmannasund and to bring tidal energy at grand scale to the Faroe Islands’ grid mix. This PPA extension is a strong signal of... Read more »

Minesto strengthens its commercial organisation with new Chief Marketing Officer

September 01, 2021

Press releases

Minesto strengthens the company’s executive team as Elke Rosiers, with extensive experience from the energy industry and from turning new technology to business, has been appointed new Chief Marketing Officer. Through the recruitment Minesto strengthens its sales and marketing organisation to gear...Read more »

Elke Rosiers has extensive international experience and broad expertise in business and market development. Over the years she has worked with global players such as Siemens, Maersk, and Volvo as well as with growing technology-based companies. For the past six years Elke has successfully built up... Read more »

Minesto publishes Half-Year Report 2021

August 19, 2021

Press releases

CEO Dr Martin Edlund: “The solid financial position together with the technical and operational progress during the year has provided a powerful platform to deliver our existing projects, scale up the technology, expand industrial collaboration and establish new projects.”Read more »

Significant events April–June 2021 Minesto continued its operational activities at the company's production site in the Faroe Islands. During the spring, energy production from the DG100 marine power plant delivered grid-compliant electricity at new record levels. In April, Minesto announced that... Read more »

New record-level and third-party verification of electricity generation in Minesto's Faroe Islands tidal energy project

July 06, 2021

Press releases

Leading marine energy developer Minesto has reached further improved power production performance through upgrades and modifications of the company's DG100 marine power plant. Furthermore, key aspects of test operations and electricity production with the DG100 system have now been third-party...Read more »

Minesto recently resumed operations with its tidal kite system DG100 in the company's project in the Faroe Islands, which Minesto is carrying out together with the electric utility company SEV. Following this spring's success with electricity production in Vestmannasund, Minestos has upgraded the... Read more »

Change in the number of shares and share capital in Minesto

May 24, 2021

Press releases

The number of shares and share capital in Minesto AB has increased as a result of the exercise of warrants of series TO3.Read more »

A total of 10,236,653 new shares were subscribed for in Minesto AB through the exercise of the TO3 warrants. Subscription has taken place in instalments during the subscription period, which ran from January 2020 to 30 April 2021. After the shares subscribed for in connection with the end of the... Read more »

Minesto raises SEK 161.6m through fully subscribed warrants program

May 04, 2021

Press releases

The warrants program TO3 in Minesto AB has been successfully completed. The program was fully subscribed, which means that Minesto adds SEK 161.6 million in proceeds before issue costs to secure the company’s commercial expansion. A total of 10,236,653 new shares in Minesto were subscribed for...Read more »

“It is very satisfying that the TO3 program was fully subscribed. This contributes to a strong financial position and creates the right conditions for converting Minesto's world-leading competitive advantages in marine energy into industrial value. We are now focusing on large-scale commercial... Read more »

Notice to attend the Annual General Meeting of Minesto AB

May 03, 2021

Press releases

The shareholders of Minesto AB, org.nr 556719-4919 (”Minesto” or ”Company”), are hereby given notice to attend the Annual General Meeting to be held on Wednesday 2 June 2021.Read more »

This press release is a translation of the press release in Swedish that was published on 3 May 2021. In the event of any inconsistency between the English and the Swedish versions, the latter shall prevail. Postal voting replaces tangible Annual General Meeting due to the Covid-19 Pandemic Due to... Read more »

Interim Management Statement 1 January–31 March 2021

April 22, 2021

Press releases

CEO Dr Martin Edlund: “The satisfactory results from operations in the Faroe Islands, both in terms of electricity production and the DG100 system's performance in automatic mode, provides the right conditions and significant risk reduction to drive the development of larger power plants and...Read more »

Significant events January–March 2021 At the beginning of March, Minesto resumed operations with the DG100 power plant in the Faroe Islands. The focus has been on optimising electricity production to grid together with the customer, electricity utility company SEV, and to provide production and... Read more »

Continued operational progress in the Faroe Islands

April 13, 2021

Press releases

Leading marine energy developer Minesto continues to make operational progress in the company’s tidal energy project in the Faroe Islands. During electricity production runs over the last weeks Minesto’s DG100 power plant has delivered grid-compliant electricity at new record levels.Read more »

“The team is doing a great job in optimising the DG100 system’s performance. We have now completed a period in continuous operation mode where we have run the power plant in the full range of tidal speeds and surface conditions. It is very pleasing to state that we have reached new record levels in... Read more »

Minesto announces power production performance aligned with simulated predictions

March 23, 2021

Press releases

As part of the continued operations programme in its tidal energy project in the Faroe Islands, Minesto has made significant progress related to electricity generation to grid. The company’s DG100 power plant has reached peak power production performance above 110 kW with average power produced...Read more »

During March, a second DG100 kite system has been delivered to the Faroe Islands and successfully run in electricity production mode. The unit, named “Drekin” after the local word for dragon, incorporates upgrades to improve performance and reliability based on experiences with the first unit. “The... Read more »

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