Minesto welcomes a new CFO and announces extension of the executive team

Minesto, leading ocean energy developer, today announces the appointment of Gustav Kvibling as new Chief Financial Officer (CFO). After eight years in the role, Fredrik Ahlström will leave Minesto to pursue other career opportunities. Minesto is also expanding its Executive Team with new members and updated roles, to focus on moving towards large scale commercial buildout.

Minesto’s long-term serving CFO, Fredrik Ahlström, will leave Minesto to pursue career opportunities outside the company.

“Fredrik has played a key role in the company’s development journey, and I want to sincerely thank him for significant contribution to Minesto. He is a highly appreciated colleague”, said Dr Martin Edlund, CEO of Minesto.

Minesto has externally recruited Gustav Kvibling as the new CFO. Gustav brings extensive experience from finance, IR and business development in high tech development companies. He also holds a M.Sc. in Finance from Lund University.

“I am pleased to announce the appointment of Gustav Kvibling as our new CFOWe warmly welcome him on board at this exiting time of scale-up and commercial development”, said Dr Martin Edlund.

David Collier, Minesto’s experienced and long-term serving Chief Operations Officer, (COO), will move into a more commercially oriented role as Chief Strategy Officer, focusing on large-scale commercial site development with international partners and other key aspects of strategic business development.

Johannes Hüffmeier has been internally appointed into the role of the new COO. Johannes has a background in shipping and offshore renewables, as well as offshore wind at ABB. He holds a M.Sc. in Naval Architecture and Ocean Engineering from Hamburg University of Technology in Germany and NTNU Trondheim in Norway.

“Johannes’ unique experience from managing the development, installation and commissioning of the grid-connected Dragon 4 in Vestmanna makes him well qualified to take on the role of managing operations for the whole company”, said Dr Martin Edlund.

Hans Lindström has been appointed to Chief Supply Chain Officer (CSCO) and the new role is added to the Executive Team. Hans has a broad background and extensive global experience in procurement, from Metso-Energi etc. The new role strengthens the company’s ability to strengthen existing relationships and build new strategic collaborations for local sourcing in our overseas markets.

Cecilia Sernhage has been appointed to Chief Communications Officer (CCO) and the new role is added to the Executive Team. Cecilia has a broad background from Husqvarna and global brand building. The new role reflects the company’s extended ambitions regarding brand building and promotion of its tidal technology products.

Bernt Erik Westre, CTO, will maintain in his role, focusing on efficient array system design, product robustness and Dragon system customization to satisfy customer and local site requirements.

  “We have expanded the Executive Team from four to seven members. It strengthens our ability to engage in large-scale project-based sales whilst continuing in product development and project execution.  It is my privilege to welcome new and newly promoted colleagues into the Executive Team of Minesto”, Dr Martin Edlund concludes.

For additional information, please contact

Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com

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 €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 minesto.com/media

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