Minesto News Update 23 November 2018

  • Minesto joins Swedish multinational companies in Taiwan trade delegation
  • EU Commissioner for Climate Action & Energy: Mobilising €1.2bn for ocean energy development
  • Minesto enjoys Swedish and international media publicity
  • Minesto signs agreement with electric utility SEV for Faroe Islands’ installations


Minesto joins Swedish multinational companies in Taiwan trade delegation

This week, Minesto participated in a Swedish trade delegation led by Stina Billinger, State Secretary at the Ministry of Enterprise and Innovation, visiting Taiwan.

Minesto took part in high-level conversations relating to Smart Cities & Sustainable Societies together with representatives of Volvo, Ericsson and AstraZeneca. Martin Edlund also had the opportunity to present Minesto and its unique product to key public stakeholders and industrial actors in attendance.

Read more here.

EU Commissioner for Climate Action & Energy: Mobilising €1.2bn for ocean energy development

The EU Commissioner for Climate Action & Energy Miguel Arias Cañete writes in a column that “technology developments will play a crucial role“ in delivering on the EU’s new 2030 target of at least 32% renewable energy production. The commissioner highlights that the EU has pledged a total of €20bn to 14 areas of action to drive development and innovation. Miguel Arias Cañete highlights ocean energy as one of those areas, where a recently approved implementation plan will mobilise €1.2 billion “to develop a commercially viable wave and tidal industry that could meet 10 % of the European Union’s power demand by 2050.”

Read the EU Commissioner’s column here.

Minesto enjoys Swedish and international media publicity

In November, both Swedish newspaper Göteborgs-Posten as well as CNBC, one of the world’s largest business news networks, has reported about Minesto and the company’s unique ocean energy technology.

GP: “These are smart, green companies that can save the world”

CNBC: Tidal 'kite' technology to be installed in Faroe Islands

Minesto signs agreement with electric utility SEV for Faroe Islands’ installations

Minesto has signed a collaboration agreement with the main power generator and distributor on the Faroe Islands, SEV, for two installations of Minesto’s DG100 model. The agreement also includes a power purchase agreement through which SEV commits to purchase the electricity generated by Minesto’s tidal energy converters.

“SEV is an advanced customer with a pioneering energy transition agenda and a world-class tidal energy resource. With Minesto’s technology, they can add a predictable and affordable source of clean energy with the potential to play a significant role in Faroes Islands’ transition to 100 percent renewable energy by 2030”, said Dr Martin Edlund, CEO of Minesto.

Read more here.


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Magnus Matsson
Communications Manager, Minesto

+46 31 774 1489
press@minesto.com

www.minesto.com

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About Us

Minesto is a leading 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 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, Wales, Northern Ireland and Taiwan. 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. Certified Adviser is G&W Fondkommission, email: ca@gwkapital.se, telephone: +46 8 503 000 50.

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