GOTHENBURG, Sweden, Aug. 14, 2025 /PRNewswire/ — CEO Dr Martin Edlund: “As the leading pioneer in Ocean Renewable Energy, Minesto moves on with more determination and positive spirit than ever to deliver renewable tidal energy to the world”
Significant events April-June 2025
During second quarter, Minesto continued operation and testing activities in Vestmanna, Faroe Islands. Since beginning of May, the Dragon 12 megawatt tidal kite “Luna” is in electricity production, following an upgrade period most prominently including a longer tether.
The Dragon 12 installed in Vestmannasund met a major production performance milestone: the longer tether enabled a 25% increase of power performance. This strengthened the company’s path toward commercial-scale deployment of its unique tidal kite technology.
In June, Minesto raised SEK 22 million loan financing, securing continued flexibility in dynamic business context. The loan financing, from Fenja Capital, is considered to be raised on market terms and has a set-up fee of four (4) per cent of the total loan amount as well as a monthly interest rate of one (1) per cent. The loan shall be repaid in full at the latest on 30 December 2025.
A Minesto-led consortium was awarded 25 MSEK grant to build a tidal energy power plant for baseload electricity production to microgrids. The consortium was awarded grant funding from Swedish Energy Agency to build a complete microgrid installation in the Faroe Islands. Minesto collaborates with microgrid technology provider Capture Energy, Faroese utility company Sev and IVL Swedish Environmental Research Institute to demonstrate a unique tidal-based microgrid solution that provides baseload power.
A total of 9,906,055 warrants of series TO4 were exercised, corresponding to approximately 89.0 percent of all outstanding warrants. Guarantee commitments amounted to 1,221,727 shares, which corresponded to approximately 11.0 percent of the outstanding TO4 warrants. The subscription price was SEK 1.54. Through the exercise of the TO4 series warrants, Minesto received approximately SEK 17.1 million before issuance costs.
During spring, Minesto joined the World Expo 2025 in Osaka, Japan, as part of the Swedish official delegation and partner to the Nordic Pavilion. In May, Sweden celebrated its national day at World Expo, the delegation led by HM King Carl XVI Gustaf. Minesto CEO Dr Martin Edlund was invited to join the visit and ceremony as part of the Swedish official delegation.
After the end of the period
A reorganization was completed, resulting in readiness to deliver commercial projects and reduced fixed costs. There are several ingredients in the reshaping of the organization, including relocation geographically, management team set-up and product development focus. The completed reorganization has resulted in a reduction of fixed costs by approximately 35%.
The Group in summary 1 January-30 June 2025