Minesto’s tidal power plant Dragon 12 in operation reaching key production performance milestone

Minesto, leading ocean energy developer, today announces that its Dragon 12 tidal energy system (Luna), installed in Vestmannasund, Faroe Islands, has met a major production performance milestone: the longer tether enables a 25% increase of power performance. This strengthens the company’s path toward commercial-scale deployment of its unique tidal kite technology.

Following the recent upgrade and installation of the Dragon 12 (Luna) mid-May, Minesto concludes that the system has met performance expectations as simulations predict. Most significantly, based on a 10 meter longer tether, the power performance increase is around 25% relative earlier testing. This is expected from computer simulation predictions.

These results further validate production volumes used in Minesto’s business cases for commercial buildout in the Faroe Islands.

"We are really pleased to have Dragon 12 in operation with increased performance in solid alignment with computer simulated predictions. This underscores the electricity production volumes used in our Dragon farm business cases and thereby reduce investor risks," said Dr Martin Edlund, CEO of Minesto.

In addition to Dragon 12 showcasing technical performance, the production site in Vestmanna continues to serve as a live demonstration platform. Recent visits from utility partners, energy ministries, and potential commercial customers have further positioned the site as a central reference case in the global marine energy landscape.

“With the generated Dragon 12 production data and solid build-out plans in place, we are eager to engage investors and partners in taking the next step towards the world’s first Dragon Farm - an array of Minesto’s unique power plants," said Dr Martin Edlund.

For additional information please contact

Cecilia Sernhage, Chief Communications Officer
+46 (0)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 11:17 CEST on 12 June 2025.

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.