Minesto News Update 24 November 2017

  • Minesto publish Interim Management Statement for Q3 2017
  • World’s biggest sovereign wealth fund proposes ditching oil and gas holdings
  • OEE: ETS Innovation Fund can deliver the next generation of renewable energy technologies
  • Martin Edlund guests Swedish podcast Solcellskollen

Minesto publish Interim Management Statement for Q3 2017

Minesto’s Interim Management Statement for the period 1 January–30 september was published on the 16thof November. Read the statement, available in Swedish only, here.

World’s biggest sovereign wealth fund proposes ditching oil and gas holdings

The Norwegian central bank, which runs the country’s sovereign wealth fund – the world’s biggest – has told its government it should dump its shares in oil and gas companies.

Paul Fisher, former deputy head of the Bank of England’s Prudential Regulation Authority and senior associate at the Cambridge Institute for Sustainability Leadership commented: “It is not surprising that we see the world’s largest sovereign wealth fund managers no longer prepared to take the increasing risk associated with oil and gas assets, which do not have a long-term future.”

Read the full story by the Guardian here.

OEE: ETS Innovation Fund can deliver the next generation of renewable energy technologies

Earlier this month, the European Parliament and Council reached a provisional agreement to revise the EU Emissions Trading System, which includes the creation of a new Innovation Fund. The Innovation Fund will be allocated €450m to support large-scale demonstration of activities such as renewable energy.

Industry body Ocean Energy Europe has welcomed the agreement and CEO Rémi Gruet said in a comment that the Innovation Fund is a mechanism to “support large-scale technology demonstration to de-risk technologies and push them towards commercial readiness, cost reduction and export success.”

He added: “We look forward to working with the European Commission and Member States to ensure the Innovation Fund design fits the objective, and targets technologies that can deliver large scale carbon emission reductions. Renewables have a proven track-record in delivering on this goal and must be prioritised.”

Read the full press statement from OEE here.

Martin Edlund guests Swedish podcast Solcellskollen

Minesto’s CEO Martin Edlund is interviewed in the latest episode of the Swedish podcast Solcellskollen. Tune in for a 45-min conversation on Minesto’s history, technology development and why ocean energy is needed in the future renewable energy mix. Links to the podcast as available here.


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Contact us

Magnus Matsson
Communications Manager, Minesto

+46-70 570 75 08
press@minesto.com

www.minesto.com

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About Us

Minesto is a 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, Deep Green, is the only verified marine power plant that operates cost-effectively in areas with low-flow tidal streams and ocean currents. In May 2015, Minesto secured a €13m investment from the European Regional Development Fund through the Welsh European Funding Office, for the commercial rollout of Deep Green. Minesto was founded in 2007 and has offices in Gothenburg, Sweden, Holyhead, Wales and Portaferry, Northern Ireland. The major shareholders in Minesto are BGA Invest and Midroc New Technology. The Minesto share (MINEST) is traded on the Nasdaq First North Stockholm stock exchange, with G&W Fondkommission as Certified Adviser.

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