GOTHENBURG, Sweden, Aug. 14, 2025/ PRNewswire/– CEO Dr Martin Edlund: “As the leading leader in Ocean Renewable resource, Minesto carries on with more decision and favorable spirit than ever to provide eco-friendly tidal energy to the world”
Considerable occasions April- June 2025
Throughout 2nd quarter, Minesto continued operation and screening activities in Vestmanna, Faroe Islands. Given that start of Might, the Dragon 12 megawatt tidal kite “Luna” remains in electrical power production, following an upgrade duration most plainly consisting of a longer tether
The Dragon 12 set up in Vestmannasund satisfied a significant production efficiency turning point: the longer tether allowed a 25% boost of power efficiency. This enhanced the business’s course towards commercial-scale release of its distinct tidal kite innovation.
In June, Minesto raised SEK 22 million loan funding, protecting ongoing versatility in vibrant service context. The loan funding, from Fenja Capital, is thought about to be raised on market terms and has a set-up cost of 4 (4) percent of the overall loan quantity in addition to a regular monthly rate of interest of one (1) percent. The loan will be paid back completely at the most recent on 30 December 2025
A Minesto-led consortium was granted 25 MSEK grant to construct a tidal energy power plant for baseload electrical power production to microgrids. The consortium was awarded grant financing from Swedish Energy Company to construct a total microgrid setup in the Faroe Islands Minesto teams up with microgrid innovation supplier Capture Energy, Faroese energy business Sev and IVL Swedish Environmental Research study Institute to show a special tidal-based microgrid option that offers baseload power.
An overall of 9,906,055 warrants of series TO4 were worked out, representing around 89.0 percent of all exceptional warrants. Warranty dedications totaled up to 1,221,727 shares, which represented around 11.0 percent of the exceptional TO4 warrants. The membership cost was SEK 1.54 Through the workout of the TO4 series warrants, Minesto got around SEK 17.1 million before issuance expenses.
Throughout spring, Minesto signed up with the World Exposition 2025 in Osaka, Japan, as part of the Swedish authorities delegation and partner to the Nordic Structure. In Might, Sweden commemorated its nationwide day at World Exposition, the delegation led by HM King Carl XVI Gustaf. Minesto CEO Dr Martin Edlund was welcomed to sign up with the see and event as part of the Swedish authorities delegation.
After completion of the duration
A reorganization was finished, leading to preparedness to provide industrial jobs and minimized repaired expenses. There are a number of active ingredients in the improving of the company, consisting of moving geographically, management group set-up and item advancement focus. The finished reorganization has actually led to a decrease of repaired expenses by around 35%.
The Group in summary 1 January- 30 June 2025
- Overall operating earnings for the duration totaled up to SEK 12,234 thousand (13,549) and generally include capitalised advancement work. Net sales totaled up to SEK 0 thousand (75 ).
- Operating loss for the duration totaled up to SEK -20,502 thousand (-23,268). The unfavorable outcome is mostly attributable to service advancement and administration associated to innovation advancement. Throughout the duration workers expenses of SEK 12,233 thousand (13,452) has actually been capitalised as advancement work.
- At the end of the duration, the intangible set properties totaled up to SEK 562,112 thousand (519,460), of which capitalised advancement expenses SEK 544,577 thousand (502,733) and capitalised patent costs SEK 17,535 thousand (16,727).
- Grants of SEK 723 thousand (414) were represented throughout the duration, of which SEK 723 thousand (406) has actually minimized the acquisition worth of the capitalised advancement expenses.
- Capital for the duration totaled up to SEK -4,419 thousand (60,670). At the end of the duration, money and money equivalents totaled up to SEK 30,241 thousand (76,051).
- At the end of the duration, equity totaled up to SEK 562,656 thousand (581,462) divided into 205,911,488 shares (194,116,040), of which loss for the duration totaled up to SEK 21,769 thousand (-23,143).
- The Half-Year Report is offered to download at Minesto’s site: www.minesto.com/investor/investor-information
CEO remark:
” Reinforcing the position as the leading leader in Ocean Renewable resource.
Throughout the 2nd quarter, Minesto made development in essential locations. The Dragon 12 has actually been grid-connected in Vestmannasund given that the start of Might and provides the best level of energy conversion to highlight the declaration of Minesto as the leading tidal energy innovation supplier, providing a competitive enhance to the international renewable resource shift. A significant production efficiency turning point was satisfied by confirming an anticipated 25% power efficiency boost allowed by a longer tether
Electrical energy production and screening continues to keep showing our distinct deal to the world, and to press efficiency and toughness even further. We remain in a position of strength with shown item taking us to the very first industrial variety construct out.
We are associated with preparation and preparations to update the Vestmanna test website to consist of a total microgrid option. Together with microgrid innovation supplier Capture Energy, Faroese energy business Sev, and IVL Swedish Environmental Research Study Institute, we eagerly anticipate leading a consortium granted 25 MSEK grant financing from Swedish Energy Company. This work offers us both an incorporated microgrid deal, in addition to execution of upgrades to the Dragon-class platform by means of style and production of brand-new Dragon 4 powerplants. The microgrid system targets both regional non-grid linked locations in the Faroe Islands and comparable chances in our international market entry portfolio.
We have actually even more widened our market user interface with continuous website recognition and advancement work now covering eleven different geographical markets. Our go-to-market technique is based upon coordinating with strong regional energy job designers and renewable resource business owners. We have actually developed relationships in these eleven markets and participated in MoUs with partners in many, with various levels of development and probability of development.
Our procedure to support our partners with proficiency and tools required to produce “dragon farms” remains in complete usage. A structured website advancement job strategy has actually been confirmed and a structure for expediency analysis remains in location. We are established to widen market penetrating, in addition to to handle thorough website advancement work at picked websites.
A thorough information space for the Hestfjord financial investment case is offered for continuous industrial discussions, and a 2nd information space for the Holyhead Deep Task is all set for usage. A market advancement business, Drekin Sp/f, is established in the Faroe Islands and business design and buildout technique for the Faroe Islands 200 MW roadmap remains in location.
The crucial work of increasing international awareness of our distinct items, in addition to the Minesto brand name, has actually reached brand-new record strength in the 2nd quarter of 2025. In the 2nd quarter, the direct exposure in public media channels went beyond 500 million views in overall, which is remarkable for a brand-new commercial brand name.
- The majority of substantial is the project “Faroe Islands Area Program” together with SKF, concentrating on Minesto’s Dragon Innovation and our chance to harness “moon energy”, maximizing the Earth’s resources in a sustainable method.
- Function in internationally-broadcasted documentary “Engineering Tomorrow”, in addition to broad media protection in popular channels such as BILD, SVT and tech publications.
- Effective involvement and discussions at World Exposition Osaka 2025, Japan, as part of the main Swedish delegation, led by HM The King and as a member of Group Sweden for the Nordic Energy Days.
- Engagement and acknowledgment at the United Nations Ocean Conference kept in Good, France in June, among a handful of picked Swedish tech business in the blue economy.
- Involvement in EU Company Center Smart Energy Week in Seoul, South Korea, welcomed by EU as one of the European business to be promoted and showcased.
- Continued engagement in international environment modification online forums, participating in a pre-COP at World Economic Online Forum in Geneva, Switzerland, getting ready for United Nations’ approaching environment conference COP30 in Brazil
We have actually established a loan of 22 MSEK in April and keep the door open for various monetary services to sustain the industrial roll-out.
An organizational restructuring has actually been finished, leading to a strong, lean, and focused company to catch the chances that lie ahead. Our repaired expenses have actually been minimized by more than 30% and the company has actually been focused to Göteborg, Sweden
As the leading leader in Ocean Renewable resource, Minesto carries on with more decision and favorable spirit than ever to provide eco-friendly tidal energy to the world.”
Martin Edlund, CEO
For extra info, please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com
This info was given you by Cision http://news.cision.com
https://news.cision.com/minesto-ab/r/minesto-publishes-half-year-report-2025,c4217862
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SOURCE Minesto AB