Minesto publishes Year-End Report 2021

CEO Dr Martin Edlund: “Minesto's next generation marine power plants are commercially ready to demonstrate the viability of marine energy as indispensable baseload power in a fully renewable energy system. We are, to say the least, excited to demonstrate the commercial potential of the dragons during the year.”

Significant events October–December 2021

• Minesto continued to strengthen the company's market organisation ahead of the commercial scale up with Cecilia Sernhage as new Communication Manager.
• In December, Minesto announced that the company's utility-scale Dragon Class power plants, based on analysed production data and verified simulations, are each projected to produce 3.5 GWh of clean electricity per year at identified sites.
• Within the framework of the companies' strategic collaboration, Minesto and Schneider Electric participated together in the energy conference Enlit Europe to promote the companies' joint offer to the energy industry.

After the end of the period

• In March, Minesto announced that the company has decided to focus on grid-connected installation of the Dragon Class systems D4 and D12 within the existing power purchase agreement in the Faroe Islands. Through this, Minesto will be able to benefit from significant synergies, risk mitigation and opportunities to conduct a more cost-effective operation, while at the same time enabling a quicker route to commercial roll out.

The Group in summary 1 January–31 December 2021

• Total operating income amounted to SEK 41,869 thousand (43,991 thousand) and mainly included capitalised development work of SEK 38,763 thousand (40,063 thousand).
• Operating loss was SEK –20,136 thousand (–13,113 thousand). The negative result is attributable to business development and administration related to technology development and includes costs such as personnel and consultants.
• Earnings per share were SEK –0.11 (–0.11). The corresponding earnings per share after taking into account dilution of existing warrants were SEK –0.11 (–0.10).
• At the end of the year, capitalised development costs amounted to SEK 298,405 thousand (225,077 thousand), in addition to capitalised patent expenses of SEK 14,432 thousand (13,396 thousand) within the intangible assets of SEK 312,838 thousand (238,473 thousand).
• Grants of up to SEK 26,796 thousand (53,790 thousand) were accrued during the year, of which SEK 24,245 thousand (50,054 thousand) reduced the acquisition value of the capitalised development costs. During the year, payments of SEK 20,758 thousand (69,569 thousand) were received from public funding schemes, of which SEK 19,809 thousand (68,633 thousand) relates to approved claims and the remainder relates to advances.
• Cash flow amounted to SEK 45,396 thousand (51,438 thousand).
• At the end of the year, equity amounted to SEK 537,751 thousand (411,784 thousand).

The Year-End Report is available to download at Minesto’s website at www.minesto.com/investors.

For additional information please contact

Cecilia Sernhage, Communication Manager
+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 09:00 CET on 17 March 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, 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.