Minesto reaches commercial milestone – sale of site development services in Asia

January 13, 2023

Minesto, leading ocean energy developer, announces today that the company has received its first historic sales order of site development services for Dragon Class tidal energy powerplants to a major corporation in the Asian offshore energy sector.

Minesto has been contracted to support a leading Asian corporation in the offshore energy sector for evaluation of a tidal-current site targeting deployment of Minesto Dragon Class tidal energy powerplants. The work is planned to be completed in the first quarter of 2023 and has an initial order value of EUR 35 000.

Minesto offers a structured approach to site identification and evaluation based on hands-on experience from existing sites in Wales, U.K. and the Faroe Islands.

“Given the unique production site characteristics of our technology, it is vital that we now offer these services to third-party project developers, in addition to our own ongoing site development activities,” says Dr Martin Edlund, CEO of Minesto.

Site development is the initial step for the offshore energy sector to enter the ocean renewable value chain. Offshore operators also bring complementary strengths to Minesto with their established marine operations and experience in large energy infrastructure projects.

“It is most valuable for us that site identification and feasibility services engage independent project investors and energy project developers. Willingness to procure site identification and assessment is key to our product sales and large-scale build out. A milestone has been reached in the Asian market,” says Dr Martin Edlund.

For additional information please contact

Cecilia Sernhage, Communications Manager

+46 735 23 71 58

ir@minesto.com

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 13:00 CET on 13 January 2023.