Minesto publishes Half-Year Report 2022

CEO Dr Martin Edlund: “There are immediate opportunities where our small scale systems and competitive LCOE profile make a difference”.

Significant events April-June 2022

• In April, Minesto launched a build-out plan for tidal energy arrays in the Faroe Islands. The plan includes four new verified sites with the potential to supply 40 percent of the country's growing electricity consumption, enabling the Faroe Islands to reach their policy goal of 100 percent renewable energy by 2030. Together with the local electricity company SEV, Minesto has presented the plan to a wide range of policy and local community stakeholders.

• In May, Minesto’s first Dragon Class tidal powerplant “Dragon 4” (100 kW) was successfully launched in Vestmannasund, Faroe Islands. The first week of commissioning included satisfactory electricity production and verification of all core functionalities of the power plant. The kite generated first electricity to grid right “out of the box” and the commissioning plan was executed as planned.

After the end of the period

• In July, Minesto announced that the first “Dragon 4” power plant unit had been successfully commissioned in grid-connected operation in Vestmannasund, Faroe Islands, and the company announced verified commercial performance fully in line with simulation results.

The Group in summary 1 January–30 June 2022

• Total operating income amounted to SEK 23,502 thousand (21,196 thousand) and mainly included capitalised development work of SEK 21,929 thousand (19,896 thousand).

• Operating loss was SEK –10,405 thousand (–9,058 thousand). The negative result is largely attributable to business development and administration related to technology development and includes costs such as personnel and consultants.

• Earnings per share were SEK –0.06 (–0.05). The corresponding earnings per share including dilution of outstanding warrants were SEK –0.06 (–0.05).

• At the end of the reporting period, the intangible assets amounted to SEK 345,463 thousand (274,051 thousand), of which capitalised development costs amounted to SEK 330,820 thousand (260,195 thousand), and patent expenses of SEK 14,643 thousand (13,856 thousand).

• Grants of SEK 32,937 thousand (9,701 thousand) were accrued during the reporting period, of which SEK 31,490 thousand (8,479 thousand) reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 27,146 thousand (11,419 thousand) were received from public funding schemes.

• Cash flow amounted to SEK –51,483 thousand (99,790 thousand).

• At the end of the reporting period, equity amounted to SEK 530,069 thousand (546 ,298 thousand).

The Half-Year Report is available to download at Minesto’s website:

www.minesto.com/investor/investor-information

For additional information please contact

Cecilia Sernhage, Communications Manager
+46 735 23 71 58
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 08:30 CEST on 18 August 2022.

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 bit.ly/Minesto_media.

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