Minesto has completed a reorganization adapting to the evolving business and reducing fixed costs
GOTHENBURG, Sweden, July 9, 2025 /PRNewswire/ -- Minesto, leading ocean energy developer, announces that a reorganization over the last year has now been 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 company's Support staff and Operations management have been co-located with the management team in Göteborg, resulting in the close-down of the office in Holyhead, Wales. Operations are focused on the existing site in Vestmanna, Faroe Islands in close collaboration with local partners. These changes serve Minesto's business needs well and create flexibility for scale up and commercial projects in new locations around the world.
"We have concentrated the Minesto organization at the head-office in Göteborg and closed-down the office in Wales for efficiency and synergy reasons. We remain fully committed to our tidal site and build-out plan for Holyhead Deep, retaining local presence regarding site development. Our ability to get Holyhead Deep financed and built is not affected by this shift," said Dr. Martin Edlund, CEO of Minesto.
Minesto's management team has been reduced from eight to six members, keeping the conventional line-functions and allocating responsibilities on different aspects of commercialization and site project delivery across the team.
"We are grateful for the lasting value that David Collier - Chief Strategy Officer and Hans Lindström - Chief Supply Chain Officer contributed to Minesto. In our new smaller team, we have found a good balance in dividing and sharing responsibilities. Notably, the cross-functional nature of commercial development in our emerging business makes it a success-factor to have customer involvement from the whole team. Further, our partnership with EY working on investment cases, financing and investor interactions has proved to be very constructive," said Martin Edlund.
In addition to the adjustments outlined above, a closer integration of product development and operations has strengthened the two functions mutually and expanded the scope to include design and installation methods for Dragon farms (production arrays) and planning for volume manufacturing.
Furthermore, the R&D team has seen some reduction in staff, reflecting a transition from more basic R&D in all areas of technology to product development and customization of Dragon-systems for specific customer projects. Our capability to innovate for future generations of Dragon-systems remains strong and at full capacity.
"We have improved our ability to source external resources for site development and operations. Our international partners TCC Green Energy, Hydrokite, Poseidon & Sev to name a few are involved hands on in site development work targeting sites for Minesto Dragon build out. Also, closer relationships with suppliers on product development and manufacturing have expanded our resource-base whilst not increasing our headcount, for example with SKF on drive trains and steering modules, Future Fibres (a part of North Technology Group) on the unique anchoring tether and Elitkomposit on planning for scale-up of the critical wing manufacturing," said Martin Edlund.
This has created a strong core organization of 36 employees, which corresponds to a reduction of approximately 35% in fixed costs, while keeping the flexibility to add resources and expertise as needed to take Minesto forward.
For additional information, please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com
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