News

Successful launch of first Dragon Class tidal powerplant

May 25, 2022
Press releases
Minesto, leading marine energy developer, has now successfully completed the first week of commissioning including satisfactory electricity production and verification of all core functionality with the new Dragon 4 tidal power plant in Vestmanna, Faroe Islands. The kite has generated first...Read more »
“We are very pleased to announce that the first week of commissioning of Dragon 4 has been successfully completed. Every aspect of the project has been fulfilled according to plan and electricity has been successfully generated,” said Martin Edlund, CEO of Minesto. “We started electricity... Read more »

Minister of State for Business, Energy and Clean Growth of the United Kingdom, Greg Hands, visits Minesto in Holyhead

May 18, 2022
Press releases
Minister of State for Business, Energy and Clean Growth, Greg Hands, visited marine energy company Minesto last week where he was introduced to the technology and toured the assembly hall facility in Holyhead, North Wales. Referring to the British Energy Security Strategy, Minister Hands was eager...Read more »
Initiated by local MP Virginia Crosbie, the visit was part of a tour aiming to showcase the energy potential of Anglesey and puts the island in centre of governmental policymaking. Tidal energy was highlighted as a vital contributor to the net-zero energy system in U.K. and globally. Both Minister... Read more »

Notice to attend the annual general meeting of Minesto AB

May 09, 2022
Press releases
The shareholders of Minesto AB, reg. no. 556719-4914 (“Minesto” or the ”Company”), are hereby given notice to attend the Annual General Meeting to be held on Wednesday, 8 June 2022 3:00 p.m. at Dockyard Hotel at the address Skeppet Ärans Väg 23 in Göteborg. The entrance opens and the registration...Read more »
Please note: This press release is a translation of the press release in Swedish that was published on 9 May 2022. In the event of any inconsistency between the English and the Swedish versions, the latter shall prevail. The board of directors has decided, pursuant to Chapter 7, Section 4 a of the... Read more »

Interim Management Statement 1 January-31 March 2022

April 21, 2022
Press releases
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.”Read more »
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... Read more »

Minesto launches tidal array build-out plan, empowering Faroe Islands towards 100% renewable energy

April 13, 2022
Press releases
Leading marine energy developer Minesto has launched a detailed plan for large-scale build-out of tidal energy arrays in the Faroe Islands. The plan includes four new verified sites that would supply 40% of the nation’s growing electricity consumption, enabling the Faroe Islands to reach its policy...Read more »
The large-scale build-out plan sets out a stepwise installation of tidal kite arrays, each with 20-40 MW installed capacity, at four verified locations. In addition to Minesto’s existing grid-connected site in Vestmannasund, the company points out Hestfjord, Leirviksfjord, Skopunarfjord and... Read more »

Minesto publishes the Annual Report for 2021

March 24, 2022
Press releases
Minesto's Annual Report in Swedish for the financial year 2021 is now available on the company's website.Read more »
To download the Annual Report, go to: www.minesto.com/investor/rapporter . The Annual Report is published only in Swedish. For investor information in English, including Minesto’s Interim Reports, go to: www.minesto.com/investors .Read more »

Minesto publishes Year-End Report 2021

March 17, 2022
Press releases
CEO Dr Martin Edlund: “Minesto's next generation marine power plants are commercially ready to demonstrate the viability of marine energy as indispensable baseload power in a fully renewable energy system. We are, to say the least, excited to demonstrate the commercial potential of the dragons...Read more »
Significant events October–December 2021 Minesto continued to strengthen the company's market organisation ahead of the commercial scale up with Cecilia Sernhage as new Communication Manager. In December, Minesto announced that the company's utility-scale Dragon Class power plants, based on... Read more »

Minesto to concentrate Dragon Class operations in the Faroe Islands in 2022

March 14, 2022
Press releases
Minesto has decided to concentrate this year’s operations with its Dragon Class marine energy converters at the established and grid-connected site in Vestmannasund, Faroe Islands. This plan will mitigate supply chain delays and at the same time allow Minesto to take advantage of significant...Read more »
Minesto’s first D4 unit will go straight into continuous grid-connected operation in Vestmannasund, Faroe Islands during the first half of 2022 as originally intended. To optimise the timeline, Minesto has decided to install also the second D4 (100 kW) and the larger D12 (1.2 MW) units in... Read more »

Interim Management Statement 1 January–30 September 2021

October 21, 2021
Press releases
CEO Dr Martin Edlund: “The development of Dragon Class demonstrates both the technology's inherent competitiveness and our employees' ability to efficiently refine the product with customer value in focus. There are further technical advances to be made in the future, but we are confident...Read more »
Significant events July–September 2021 In July, Minesto announced that the company had achieved further improved power production performance through upgrades and modifications to the DG100 power plant. Furthermore, key aspects of test operations and electricity production with the DG100 system... Read more »

Minesto awarded funding by Swedish Energy Agency to facilitate commercial scale-up

September 24, 2021
Minesto closes in on Vestmannasund kite launch
Press releases
The Swedish Energy Agency has awarded Minesto a SEK 5.8 million grant to the ongoing commercialisation of Minesto’s ground-breaking Deep Green technology. The grant co-funds a project through which Minesto will develop and verify a next generation tether system to facilitate the commercial scale-up...Read more »
“We are very pleased that the Swedish Energy Agency continues and expands its support for Minesto. This investment contributes to strengthening the competitiveness of our product ”, said Dr Martin Edlund, CEO of Minesto. The tether system connects Minesto’s marine energy power plants with the... Read more »

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