Minesto publishes Half-Year Report 2021

CEO Dr Martin Edlund: “The solid financial position together with the technical and operational progress during the year has provided a powerful platform to deliver our existing projects, scale up the technology, expand industrial collaboration and establish new projects.”

Significant events April–June 2021

• Minesto continued its operational activities at the company's production site in the Faroe Islands. During the spring, energy production from the DG100 marine power plant delivered grid-compliant electricity at new record levels.
• In April, Minesto announced that the company had been granted a new patent for a technical innovation that had been developed and verified by the project in the Faroe Islands. This new patent strengthens Minesto’s already extensive patent portfolio and extends the protection of the company's core technology.
• The warrant program TO3 at Minesto AB ended in April. A total of 10,236,653 new shares were subscribed for in Minesto by exercising these warrants, corresponding to an exercise rate of 99.1 percent. The company therefore received a total of SEK 161.6 million before issue costs within the total framework of the TO3 program.

After the end of the period

• In July, Minesto announced that the company had achieved further improved power production performance through upgrades and modifications to the DG100 power plant. Furthermore, key aspects of test operations and electricity production with the DG100 system have received third-party verification by DNV in accordance with international standards.

The Group in summary 1 January–30 June 2021

• Total operating income amounted to SEK 21,196 thousand (23,551 thousand) and mainly included capitalised development work of SEK 19,896 thousand (21,538 thousand).
• Loss after net financial items was SEK –8,033 thousand (–8,722 thousand). The negative result is largely attributable to business development and administration related to technology development and includes costs such as personnel, rents and consultants.
• Earnings per share were SEK –0.05 (–0.06). The corresponding earnings per share after taking into account dilution of existing warrants were SEK –0.05 (–0.05).
• At the end of the reporting period, capitalised development costs amounted to SEK 260,195 thousand (194,109 thousand), in addition to capitalised patent expenses of SEK 13,856 thousand (12,916 thousand).
• Grants of up to SEK 9,701 thousand (32,516 thousand) were accrued during the reporting period, of which SEK 8,479 thousand (30,657 thousand) reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 11,419 thousand (43,390 thousand) were received from public funding schemes.
• Cash flow amounted to SEK 100,642 thousand (62,166 thousand).
• At the end of the reporting period, equity amounted to SEK 546,298 thousand (404,083 thousand).

The Half-Year Report is available to download at Minesto’s website: www.minesto.com/investor/investor-information.

For additional information please contact

Martin Edlund, CEO
+46 31 29 00 60
ir@minesto.com

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CEST on 19 August 2021.

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, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Midroc 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 bit.ly/Minesto_media.

Financial information including reports, prospectuses and company descriptions is available in Swedish at www.minesto.com/investor.