Minesto doubles production capacity with successful installation of second foundation in the Faroe Islands
Leading ocean energy developer Minesto has successfully completed additional offshore infrastructure installation in Vestmannasund, Faroe Islands, to double electricity production from two Dragon 4 (100kW) tidal energy power plants in an array set-up.
A second foundation, subsea cable and onshore interface have been successfully installed, and the subsea infrastructure is ready for a second kite installation and electricity production.
The installations have been carried out with small vessels together with experienced partners to further reduce costs of installation and marine operations for large-scale build-out. The seasonal operating window for infrastructure installation has also been extended by conducting these operations in winter.
“By doubling production capacity, we significantly increase the value of the Vestmanna site. We can show-case our technology to a greater extent as we generate more production data, optimize features in an array configuration, and of course, deliver more electricity to grid as committed to our utility partner SEV,” says Dr Martin Edlund, CEO of Minesto.
For additional information, please contact
Cecilia Sernhage, Communications Manager
+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, Deep Green, is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.
With more than €40 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, Northern Ireland 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, email: ca@gwkapital.se, telephone: +46 8 503 000 50.
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.
