Interim Management Statement 1 January–31 March 2021
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 the first commercial farms.”
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 tidal flow data to DNV for third-party verification.
- In March, Minesto entered a Memorandum of Understanding with Schneider Electric, a global leader in the digital transformation of energy management and automation. Minesto and Schneider Electric are working together to create ocean energy farms based on Minesto's technology. The collaboration reaches from technical system integration and project management to sales and project finance opportunities.
- Minesto made significant progress in power production to the electricity grid, with average power produced aligned with simulated results.
After the end of the period
- In April, Minesto announced that the company's largest owners BGA Invest and Midroc New Technology have exercised all their warrants of series TO3 in Minesto AB. Through this, Minesto will add approximately SEK 44.7 million in proceeds, corresponding to approximately 27 percent of the total TO3 program. Minesto AB's senior executives have also exercised all their TO3 warrants.
- Minesto announced in April that the company has been granted a new patent for a technical innovation that has been developed and verified in the project in the Faroe Islands. With the new patent, Minesto strengthens its already extensive patent portfolio and extends the protection of the company's core technology.
The Group in summary January–March 2021
- Total operating income amounted to SEK 10,480 thousand (11,850 thousand) and mainly included capitalised development work.
- Operating loss was SEK –4,584 thousand (–3,224 thousand). The negative result is largely attributable to business development and administration related to technology development and includes costs such as personnel, rents, and services. Of the personnel costs, SEK 9,862 thousand (10,542 thousand) has been capitalised as development work.
- At the end of the reporting period, capitalised development costs amounted to SEK 241,377 thousand (177,533 thousand), in addition to patent expenses of SEK 13,629 thousand (12,702 thousand).
- Grants of up to SEK 4,727 thousand (16,349 thousand) were accrued during the reporting period, of which SEK 4,128 thousand (15,164 thousand) reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 5,810 thousand (27,905 thousand) were received from public funding schemes.
- Cash flow amounted to SEK –18,194 thousand (81,515 thousand). At the end of the reporting period, cash and cash equivalents amounted to SEK 89,638 thousand (135,621 thousand).
- At the end of the reporting period, equity amounted to SEK 411,600 thousand (396,848 thousand) divided into 128,715,788 shares (125,607,304 shares), of which loss for the period was –2,253 thousand (–1,898 thousand).
The Interim Management Statement is available on Minesto’s website: www.minesto.com/investor/investor-information.
This disclosure contains information that Minesto AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 22-04-2021 07:30 CET.