News

Interim Management Statement 1 January–31 March 2020

April 23, 2020
Press releases
CEO Dr Martin Edlund: “Our current strong cash position allows us to focus on creating industrial value and promote the market uptake of our unique product. This fits well with the bigger picture and macro trends where we see and hear encouraging messages from EU leaders and politicians on the...Read more »
Significant events during the reporting period In February, Minesto signed a power purchase agree­ment (PPA) with the Faroese electric utility company SEV. The PPA comprises both the planned installations of two 100kW systems of Minesto’s subsea kite technology and an additional 2MW capacity... Read more »

Minesto secures all permits for Faroe Islands’ installations

April 01, 2020
Picture of the Vestmannasund strait in the Faroe Islands. Photo: SEV
Press releases
Marine energy developer Minesto and its collaboration partner, the Faroese electric utility company SEV, has been granted all necessary permits and consents for the installation of two grid-connected tidal kite systems in Vestmannasund, Faroe Islands.Read more »
“We have had great support by SEV and the Faroese authorities to reach this crucial achievement. SEV has made terrific work to secure all necessary permits for our first installations in the Faroe Islands through a very efficient process”, said Dr Martin Edlund, CEO of Minesto. The granted permits... Read more »

Minesto publishes Year-End Report 2019

March 19, 2020
Press releases
CEO Dr Martin Edlund: “At the beginning of 2020, Minesto holds a stronger cash position than ever. This means that we can increase the company’s commercial activity, with the goal of entering into further customer collaboration arrangements and secure project financing for the expansion of larger...Read more »
Significant events October–December 2019 Minesto is granted EU funding for site project in France. Minesto carries out a directed issue of units of SEK 60 million. After the end of the fiscal year Minesto carries out an over-subscribed rights issue of units of SEK 86 million. Minesto signs a power... Read more »

Comment on the coronavirus situation and Minesto’s activities

March 16, 2020
Press releases
Minesto is closely following developments related to the coronavirus disease COVID-19 to assess how governmental actions and restrictions around Europe might affect operations and project activities. To date, the company has had no negative impact on incoming components and subsystem deliveries...Read more »
“Just like everyone else, we are closely following the situation to ensure that we do what we can to keep our employees safe and to take a social responsibility in all the regions where we are operating”, said Dr Martin Edlund, CEO of Minesto. Commenting on Minesto’s tidal energy project in the... Read more »

Minesto signs PPA with electric utility SEV for utility-scale tidal energy installations

February 19, 2020
Picture of the Vestmannasund strait in the North West part of the Faroe Islands. Photo: Warren Cardwell
Press releases
Leading marine energy developer Minesto has signed a power purchase agreement (PPA) with the Faroese electric utility company SEV, advancing the parties’ collaboration to integrate tidal energy in the Faroe Island’s electricity mix. The PPA comprises both the planned installations of two 100kW...Read more »
Minesto and SEV has initiated a first phase of collaboration to integrate tidal energy through Minesto’s Deep Green technology in the Faroe Islands, by installing and operating two grid-connected DG100 systems in the Vestmannasund strait. The long-term ambition is a large-scale build out of tidal... Read more »

Rights issue of shares and warrants is registered with the Swedish Companies Registration Office

January 20, 2020
Press releases
In December 2019, Minesto AB (publ) ("Minesto" or "the Company") carried out a rights issue of shares and warrants (units). The new shares and warrants have now been registered by the Swedish Companies Registration Office and will be admitted to trading on Nasdaq First North...Read more »
The rights issue comprised 6,085,226 units and the subscription price amounted to SEK 14.12 per unit. One (1) unit consisted of one (1) share and one (1) warrant of series TO3. Each TO3 warrant gives the holder a right to subscribe for one (1) new share in the Company during the period up to and... Read more »

Minesto extends the term for warrants of series P0

December 27, 2019
Press releases
The Board of Directors of Minesto AB (publ) ("Minesto" or "the Company") has decided to amend the terms and conditions of the warrants of Series P0 in the Company. The change means that the subscription period is extended from the end of 31 December 2019 to the end of 30 June...Read more »
In May 2013, the Board of Directors of Minesto decided to issue warrants of Series P0 to employees of the Company. One (1) P0 warrant gives the holder the right to subscribe for one (1) share in the Company at a subscription price of SEK 5.95. The subscription period for the P0 warrants expires 31... Read more »

Minesto’s rights issue was oversubscribed by 25 percent

December 20, 2019
Press releases
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD...Read more »
“We are very pleased with the outcome of the rights issue and grateful for the support we have received from existing and new shareholders. Together with the private placement in October, we have secured financial resources to both deliver our current projects and to give us the opportunity to... Read more »

Subscription period starts today December 4 and subscription price for warrants is adjusted

December 04, 2019
Press releases
Today December 4 the subscription period for Minesto AB's ("Minesto" or "the Company") new issue of units with pre-emptive rights for existing shareholders ("the Rights Issue") begins. The subscription period runs from December 4 to 18, 2019. Please note that...Read more »
Shareholders in the Company who were listed in the share register kept by Euroclear Sweden AB as of the record date on December 2, 2019 receive one (1) subscription right for each share held in Minesto. Sixteen (16) subscription rights entitle subscription to one (1) unit. One (1) unit contains one... Read more »

Minesto publishes prospectus regarding rights issue and invites to investor presentation

December 02, 2019
Press releases
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SINGAPORE, SOUTH AFRICA, SOUTH KOREA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD...Read more »
The Rights Issue in short Shareholders in the Company who are listed in the share register kept by Euroclear Sweden AB as of the record date on December 2, 2019 receive one (1) subscription right for each share held in Minesto. The last day of trading in the Minesto shares with the right to... Read more »

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