News & Media

Faroe Islands project update

September 03, 2020
Minesto closes in on Vestmannasund kite launch
Press releases
Minesto has today announced that the company plans to continue commissioning activities in its tidal energy project in Vestmannasund, Faroe Islands in mid-October. Minesto has also verified the area for the first proposed array installation of its tidal kite technology in the Faroe Islands.Read more »
Dr Martin Edlund, CEO of Minesto said that there has been important progress and results from the installation and commission activities that have been conducted so far in Vestmannasund. “We have generated valuable flight data and control system data, and we have verified the chain of electricity... Read more »

Video: Faroe Islands project update

September 03, 2020
News
Media
CEO Dr Martin Edlund gives an update on Minesto's tidal energy project in Vestmannasund as well as other ongoing activities in the Faroe Islands.Read more »

Minesto publishes Half-Year Report 2020

August 20, 2020
Press releases
CEO Dr Martin Edlund: “The signals from the public sector remain positive in terms of financial support to accelerate the upscaling of renewable energy supply and to build the global economic recovery from a sustainable base.”Read more »
Significant events 1 April–30 June 2020 In early April, Minesto announced that the company and its partner, the Faroese electric utility company SEV, had been granted all necessary permits and consents for the installation of two marine power plants in Vestmannasund, Faroe Islands, where the power... Read more »

EIT InnoEnergy warrant program completed

August 17, 2020
Press releases
The previously issued warrant program in Minesto AB aimed at the European investor EIT InnoEnergy has been completed. A total of 8,513,595 shares were subscribed for in Minesto through the warrant program.Read more »
Through investments totalling EUR 5.5 million during the years 2015–2018, EIT InnoEnergy has received a total of 8,513,595 warrants in Minesto AB divided into three series. Following the expiry of the final subscription periods on 15 August 2020, EIT InnoEnergy has exercised all the acquired... Read more »

Vestmannasund project update

July 30, 2020
Press releases
Minesto has completed the installation of subsea and onshore infrastructure in the company’s tidal energy project in Vestmannasund, Faroe Islands. Minesto also successfully installed the first DG100 tidal energy converter, but during the initial commissioning phase a mechanical failure occurred in...Read more »
After the concluded installation of the subsea export cable, which connects the kite system powerplant to the onshore control station, the Vestmannasund site infrastructure is now operational and the offshore site connected to the Faroese electricity grid. The DG100 kite system has been recovered... Read more »

Minesto's CEO subscribes for shares through PO4 warrants

July 10, 2020
Press releases
Minesto's CEO Dr Martin Edlund has subscribed for 120,000 shares in Minesto AB through the exercise of warrants of series PO4. Minesto will thus receive just over SEK 3 million in proceeds.Read more »
At the same time, Martin Edlund has sold 119,000 shares, among other things to finance the exercise of the PO4 warrants. After the transactions, Martin Edlund's shareholding in Minesto AB amounts to a total of 141,000 shares. PO4 is one of three warrant programs aimed at Minesto employees that were... Read more »

Minesto News Update 10 July 2020

July 10, 2020
News
· Minesto presents at the EU Sustainable Energy Week · Jonas Millqvist elected new chairman of Minesto · Pictures and video from the Vestmannasund installation activities · Minesto’s first DG100 kite system named “Havfrúgvin”Read more »
Minesto presents at the EU Sustainable Energy Week Minesto’s CEO Dr Martin Edlund presented at the EU Sustainable Energy Week at a webinar hosted by the International Renewable Energy Agency and Ocean Energy Europe on 19 June. The webinar, titled “New horizons: Europe driving ocean energy... Read more »

Minesto to complete Vestmannasund installation during upcoming tidal windows

July 03, 2020
Press releases
Onshore and offshore installation work has been conducted throughout the week in Minesto’s tidal energy project in Vestmannasund, Faroe Islands, involving Minesto, SEV and supplier personnel. The subsea cable installation that connects to the electric grid was not completed as planned due to a...Read more »
The technical issue with the subsea cable is not related to Minesto’s DG100 tidal kite powerplant as such but will add to the installation time plan going forward. Minesto aims to complete the infrastructure installation during upcoming periods of favourable tidal conditions. “No matter how eager... Read more »

CEO speech to Minesto's Annual General Meeting 2020 (in Swedish)

June 29, 2020
News
Presentations
Media
CEO Dr Martin Edlund's speech to the Annual General Meeting of Minesto AB on June 29, 2020 in Gothenburg. Against the background of the spread of the coronavirus, Minesto took precautionary measures before the AGM 2020 with the aim of holding a short and effective meeting. CEO Dr Martin Edlund... Read more »

Minesto closes in on Vestmannasund kite launch

June 29, 2020
News
Media
Minesto and its partner, electric utility SEV, are progressing their joint tidal energy demonstration project in Vestmannasund, Faroe Islands. With Minesto staff and hardware at the site, the installation work is at full speed to connect Minesto’s DG100 kite system to the Faroe Islands electricity... Read more »

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