Minesto completes Hestfjord Dragon Farm specification based on Dragon 12 achievements

After successful commissioning and four months of grid connected operation with Dragon 12, this autumn Minesto has focused on evaluation of powerplant performance, analysis of critical technical systems and operating procedures, as well as identification of selective upgrades of the megawatt-scale power plant. An integral part of this work is a third-party technology review performed by independent expert DNV. In parallel, further site development work to assess and compare tidal flow conditions between the existing site in Vestmanna and Hestfjord has been advanced, confirming excellent conditions for operation at the site in Hestfjord.

Relying on this work, Minesto has completed the overall design and technical specification of the upgraded Dragon 12 system targeting the first Dragon farm in Hestfjord (Phase 1: 10MW) in the Faroe Islands.

Key aspects of the optimized systems for Hestfjord site are:

• An assessment of the tidal resource and other site conditions in Hestfjord have been further verified and deemed improved, which provides input to a customized design of the Dragon 12 powerplants for this location.
• The Dragon 12 overall hardware configuration will remain largely unchanged, with increased generator capacity to 1,75MW as the key upgrade.
• There will be an adaptation of the wing profile and the Hestfjord site will also allow for a longer tether, both changes will contribute to increased production yield.
• The service and maintenance concept, both on-shore and off-shore, has been scaled-up and verified reducing operating costs.
• Usage of existing and therefore proven solutions regarding subsea cables and onshore transformer configurations have been confirmed, thereby eliminating the need for further technology development and increased sub-sea complexity in electric infrastructure.
• The drilled and grouted foundation solution used in Vestmanna is proven, and the concept is confirmed to be viable for Hestfjord.

“Our work efforts the last months lead to two overall conclusions: firstly, we can offer the lowest cost ocean energy in the world already at our first array build out and secondly, we have selected a near perfect tidal site for our technology. So, despite obvious cost of energy disadvantages of initially building a small-scale project, we start our journey towards reduction of LCOE at a point where other marine energy technologies hope to end theirs.”, commented Dr Martin Edlund, CEO of Minesto.

Continued operational development and testing in Vestmanna

Upgraded launch and recovery procedures

Operational development and testing will continue in Vestmanna to strengthen the commercial offers related to Hestfjord and smaller D4-based microgrids. Recently, a two-week campaign with the Dragon 12 has been conducted in Vestmanna. It has resulted in an improved launch and recovery procedure that includes near shore anchoring of the large megawatt kite. This is vital for cost-effective larger operational campaigns (multiple kites in Hestfjord) to optimize the use of quay side space and to improve marine and onshore operational flexibility.

The company is also preparing the site for commissioning of new small-scale systems to be delivered to microgrid site customers elsewhere. This will include more operations with D4 systems at site and development of upgrades of sea-bed infrastructure suitable for a more efficient, and powerful microgrid Dragon system (up to 200kW).

Longer tether for Dragon 12 in manufacturing

The water depth at the location of the Dragon 12 foundations in Vestmanna allows for an extension of the tether by 15% within the existing marine license. In preparation for commercial build out in Hestfjord, Minesto will conduct a tether test. The new tether is currently being manufactured.

Focus on reliability of critical subsystems and operational procedures

The production performance of the Dragon 12 is verified with the Spring campaign (February to June, 2024). The focus is now on improving reliability both related to critical subsystems and operational procedures. This work will continue to support the next major step of commercial scale operations in Hestfjord. The transition of the company from operating an R&D test site to larger commercial operations demands internal development related to operational procedures, documentation and training.

“Our development work both on the technical and commercial side focus on the next natural step –array build-out”, concludes Dr Martin Edlund.

For additional information, please contact

Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
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 plannable 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.