Minesto evolves its Faroese business case, upgrading to a 200 MW tidal energy buildout
Minesto, leading ocean energy developer, has upgraded the roadmap to a 200 MW tidal energy buildout in the Faroe Islands. The scaled-up roadmap is a response to the growing demands for renewable energy, where unlocking the tidal opportunity enables transition to a 100% renewable energy system. The recently reached milestone of megawatt-scale electricity generation with Dragon 12 to the grid shifts focus to commercial array buildout.
The Faroe Islands has one of the world’s most ambitious energy transition schemes, aiming for 100% renewables by 2030. Minesto’s suggested roadmap includes tidal energy buildout in seven site locations in Faroe Island waters, reaching a total of 200 MW equivalent to about 40% of future energy demand.
Dr Martin Edlund, CEO of Minesto, was recently interviewed on national Faroese TV:
“We recently raised our ambitions to 200 MW as new tidal energy resources have been verified, and the demand for clean energy from local stakeholders such as the Faroese fish farming industry is growing”, said Dr Martin Edlund.
Minesto estimates the 200MW project investment to 400 M EUR, where 50% constitutes hardware sales from Minesto.
“In addition to increasing energy demand, a larger investment case at 200 MW increases attractiveness for investors based on improved economies of scale,” explains Dr Martin Edlund.
The road-map targets Hestfjord as the first site for build out. This is also where Minesto together with the local utility partner SEV is engaged in site development activities such as consenting and planning of cable routes.
Video comment from CEO:
CEO comment Looking ahead after Dragon 12 electricity milestone (youtube.com)
Film visualising the 200 MW buildout plan:
Minesto's roadmap to 200 MW tidal energy buildout in the Faroe Islands (youtube.com)
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.