News

Minesto and SEV strengthen partnership for tidal energy build-out in the Faroe Islands

January 23, 2023
Press releases
Minesto, leading ocean energy developer, and SEV, Faroese utility company, have renewed and expanded the collaboration agreement outlining respective roles and responsibilities related to tidal energy build out in the Faroe Islands, including the ongoing electricity production in Vestmannasund and...Read more »
An important add-on to the extended agreement stipulates the exclusive nature of the collaboration regarding the Hestfjord site development and build-out. This aspect facilitates and supports the ongoing work to create an attractive investment and the set-up of a Special Purpose Vehicle (SPV) to... Read more »

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

January 13, 2023
Press releases
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.Read more »
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... Read more »

Minesto secures strategic port access and onshore operations site for large-scale commercial buildout in the Faroe Islands

December 23, 2022
Press releases
Minesto has signed a long-term lease agreement with the Vestmanna municipality and Faroese utility company SEV for port access and onshore operations and maintenance (O&M) work site. The agreement grants access to a 2,050 m[2] site in the inner harbour of Vestmanna, Inni á Fjørð; including a...Read more »
Site preparations have been completed and installation of the control station and maintenance infrastructure has been initiated. This site will accommodate the O&M hub for tidal energy production at the existing site in Vestmannasund, and the planned buildout of commercial tidal energy arrays... Read more »

Minesto doubles production capacity with successful installation of second foundation in the Faroe Islands

December 22, 2022
Press releases
Leading ocean energy developer Minesto has successfully completed additional offshore infrastructure installation in Vestmannasund, Faroe Islands, to double electricity production from two Dragon 4 (100kW) tidal energy power plants in an array set-up.Read more »
A second foundation, subsea cable and onshore interface have been successfully installed, and the subsea infrastructure is ready for a second kite installation and electricity production. The installations have been carried out with small vessels together with experienced partners to further reduce... Read more »

Minesto featured on Spotify’s Climate Action Studios podcast

December 20, 2022
Press releases
Minesto and Faroese utility company SEV are featured on the latest episode of the Spotify Original “Climate Action Studios” podcast. The episode highlights the Faroe Islands as a case study of how Minesto’s tidal energy technology can accelerate renewable energy transition.Read more »
The latest episode of Spotify’s Climate Action Studios, “Live from COP27 – the power of the sea” is introduced with an intriguing caption: “Wind, solar and now tidal streams and ocean currents? The renewable energy space is rapidly developing and innovating and now you can learn more about the... Read more »

Minesto signs collaboration agreements for Project Development in Nusa Tengara Barat region, Indonesia

December 06, 2022
Press releases
Minesto has signed two collaboration agreements for development in the Nusa Tengara Barat region, Indonesia today. A Memorandum of Understanding (MoU) has been signed between Minesto and the regional Eco Regions Indonesia, as well as a Letter of Intent (LoI) between Minesto and the Nusa Tengara...Read more »
The initiative in Indonesia is part of Minesto's broader market establishment in Southeast Asia. The Nusa Tengara Barat region has ambitious sustainability goals and is a forerunner in Indonesia’s energy transition. The regional commitment and availability of ocean currents make Nusa Tengara Barat... Read more »

Minesto steps up the external communication – successful participation at COP27

November 24, 2022
Press releases
COP27 in Sharm El-Sheikh, Egypt has come to an end and Minesto concludes the participation in the Swedish business delegation as both rewarding and value-generating for the company. A strategic initiative, the driving force for Minesto to take part is to bring to light and emphasise the importance...Read more »
Strategic exposure on a global arena Presentations and panels by Minesto included six different sessions onsite and they were broadcasted from the Swedish pavilion. The sessions were well-received by the audience and insightful discussions were evoked. In addition, Minesto’s CEO Dr Martin Edlund... Read more »

Development on Minesto’s Dragon Class project - new record-levels of electricity production

November 22, 2022
Press releases
Minesto’s microgrid power plant Dragon 4 (100 kW) has produced record-levels of electricity in October and November. A second foundation will now be installed, to run a mini array with two Dragon 4 units operating in parallel. The development of Minesto’s utility-scale power plant Dragon 12 (1.2 MW...Read more »
Since its successful commissioning in September, the second Dragon 4 unit has been producing electricity throughout October and November, and has delivered record-breaking results in terms of total electricity generated, peak performance, and energy conversion at large. To enable a mini array of... Read more »

Minesto debuts at COP27, Sharm El-Sheikh, Egypt

November 08, 2022
Press releases
Today marks Minesto’s first panel session in the Swedish Pavillion at COP27 in Sharm El-Sheikh, Egypt. The topic of today’s panel was hosted by Svenskt Näringsliv around the topic ‘How is Sweden enabling the green transition in other countries?’ ( https://invitepeople.com/seminars/47348 ). Minesto’...Read more »
The full programme of all panel discussions and presentations taking place at the Swedish Pavillion, which is organised by Business Sweden, across the whole duration of COP27 is available here: https://invitepeople.com/events/30201/seminars We welcome you to join us digitally by signing up as a... Read more »

Interim Management Statement 1 January-30 September 2022

October 20, 2022
Press releases
CEO Dr. Martin Edlund: “Significant potential for green electricity through tides and ocean currents is found in Southeast Asia. At the time of publication of this text, I am on an extensive meeting tour in Japan, Taiwan, Indonesia, and the Philippines; with the aim of accelerating the...Read more »
Significant events July-September 2022 In the beginning of September, it was announced that the commissioning of the second unit of the tidal energy power plant Dragon 4 was commencing. The commissioning is being executed with important experience of cost-efficient onshore and offshore operations... Read more »

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