Independent review of Minesto's technology successfully completed strengthening the buildout investment case
GOTHENBURG, Sweden, Feb. 11, 2025 /PRNewswire/ -- An independent technical review of Minesto's Dragon-class technology initiated in autumn 2024 has now been completed by DNV - a world leader in technology assessments and certifications in the energy & maritime sectors, incl. renewable energy solutions. The successfully completed review strengthens Minesto's buildout investment case.
The review is based on full disclosure of technical data related to relevant aspects of the Dragon-class technology, ranging from energy conversion performance, production volumes and installation procedures. Comprehensive documentation, workshops with the Minesto development team and a visit to the production site on the Faroe Islands during offshore installation were taken into consideration for the review process.
In a nutshell, the review of technology-readiness supports Minesto's plan for a first 10MW array build-out in Faroe Islands and the potential for reaching competitive cost of energy (LCOE) levels based on the low system weight, as well as the unique and efficient installation and handling procedures.
"As with all novel technologies, including ours, there is a strong need among potential customers and partners for input from independent trusted sources on risks and commercial readiness, especially as we are scaling-up and moving from single-kite operations to arrays. We can see that the conclusions and quality of the review performed by DNV is of great value for us in satisfying this need," said Dr Martin Edlund, CEO of Minesto.
Minesto is sharing the review results together with technical documentation with selected partners and potential customers under NDA to move the commercial agenda forward, showcase the technology and provide required transparency.
"It is a large undertaking to share comprehensive data on our technology with external parties. This work was successfully completed and it has strengthened our technical documentation further," added Martin Edlund.
Moreover, DNV provided guidance on potential risks and suggestions for areas of improvement which have been incorporated into the development agenda.
"It is satisfying to conclude that the technical risks identified by DNV align with our internal assessment and support our development priorities. We are ready and eager to implement this in the immediate next step, delivering the Hestfjord Dragon Farm," concludes Martin Edlund.
For additional information please contact
Cecilia Sernhage, Chief Communications Officer
+46 (0) 723 31 89 09
ir@minesto.com
About Minesto
Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean.
Minesto's award winning and patented product is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.
With more than €45 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union's largest investment in marine energy to date.
Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales and Taiwan. The major shareholders in Minesto are BGA Invest and Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission.
Read more about Minesto at www.minesto.com
Press images and other media material is available for download via minesto.com/media
Financial information including reports, prospectuses and company descriptions is available in Swedish at www.minesto.com/investor.
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