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

GOTEBORG, Sweden, Dec. 6, 2022 /PRNewswire/ -- 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 Barat (NTB) region. 

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 a favourable entry market for Minesto in Indonesia.

The collaboration agreements include feasibility studies on the natural resource, infrastructure, and finance, and are based on collaborative work to integrate Minesto's technology as a part of the 100% renewable energy mix in the region, starting with the Special Economic Zone (SEZ).

"Minesto has been received with serious and strong interest and excitement by a range of stakeholders in Indonesia. Our participation in the Sweden-Indonesia Sustainability Partnership (SISP) Energy Alliance on government level further supports the implementation roadmap to build sustainable and affordable electricity generation based on our technology in Indonesia," says Dr Martin Edlund, CEO of Minesto.

Minesto is a new member of the bilateral program Sweden-Indonesia Sustainability Partnership (SISP) Energy Alliance, and the collaboration agreements signed today is a first step towards build out of several key interest areas in Indonesia. As the fourth largest country by population and one of the largest ocean territories in the world, Indonesia faces a true challenge in the transition from fossils to affordable and suitable renewables. Indonesia consists of more than 17 000 islands, all relying on fossil energy such as coal and diesel, but also possesses one of the world's largest tidal and ocean current natural resources.

"It is central for Minesto's commercial roll-out to establish initiatives in the largest markets with respect to the availability of ocean and tidal currents. In these countries, we can make a significant impact on the roadmap towards a true renewable energy mix," concludes Martin Edlund.

For additional information please contact

Cecilia Sernhage, Communications Manager
+46 735 23 71 58
ir@minesto.com

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 11:45 CET on 6 December 2022.

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