News

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 »

Minesto publishes Year-End Report 2020

March 18, 2021
Press releases
CEO Dr Martin Edlund: “Despite the coronavirus pandemic, during 2020 Minesto has advanced its positions both in technology through delivery to the electricity grid, and on the market side by establishing partnerships with key players in the energy industry.”Read more »
Significant events October–December 2020 In October, Minesto announced progress in the company's tidal energy project in the Faroe Islands, with successful verification of the DG100 system's most important operational functions as well as of efficient and safe offshore launch and recovery... Read more »

Minesto and Schneider Electric join forces to commercialize marine energy

March 12, 2021
Press releases
Leading marine energy developer Minesto and Schneider Electric, the global leader in the digital transformation of energy management and automation, have entered a Memorandum of Understanding to work together to develop and build ocean energy farms based on Minesto’s Deep Green technology.Read more »
The collaboration between Minesto and Schneider Electric aims at accelerating the commercial roll-out of marine energy to enable the global transition towards net-zero societies, where energy systems that include plannable, renewable energy production are necessary. To leverage the value... Read more »

Minesto reaches historic milestone – delivers first tidal energy to the Faroese grid

December 01, 2020
Press releases
As a part of the ongoing commissioning work of its DG100 tidal kite system Vestmannasund, Faroe Islands, leading marine energy developer Minesto has reached the milestone of delivering electricity to the Faroese grid facilitated by the Power Purchase Agreement with the utility company SEV.Read more »
“This is a historic moment and a massive step forward for Minesto and the development of our unique product. We are particularly satisfied with the production performance level of the system”, said Dr Martin Edlund, CEO of Minesto. “We are now looking forward to our continued operations in... Read more »

Interim Management Statement 1 January–30 September 2020

October 22, 2020
Press releases
Minesto’s CEO Dr Martin Edlund: “The installation activities during the summer showed good progress towards the realisation of cost-effective procedures for the installation and maintenance of Minesto's power plants. We are now looking forward to demonstrate the commercial viability of our...Read more »
Significant events July–September 2020 In early July, Minesto announced that the installation of the subsea cable in the Vestmannasund project in the Faroe Islands, which connects Minesto's power plant to the electricity grid, had not been completed as planned due to a technical issue that occurred... Read more »

Warrant program PO4 in Minesto AB completed

September 22, 2020
Press releases
Senior executives in Minesto have subscribed for a total of 280,000 new shares in Minesto AB through the exercise of warrants of series PO4. As a result, all issued PO4 warrants in Minesto have been exercised and the company will add approximately SEK 7.4 million in proceeds through the warrant...Read more »
PO4 is one of three warrant programs aimed at Minesto employees that were approved at the company's Annual General Meeting in 2019. A total of 280,000 warrants of series PO4 have been issued, all of which were acquired by senior executives in Minesto in August 2019. One (1) warrant of series PO4... Read more »

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 »

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