Project status update: First phase of offshore installation Dragon 12 completed in Vestmanna, Faroe Islands
Minesto, leading ocean energy developer, has today successfully completed the first phase of Dragon 12 (1.2 MW) offshore installation in Vestmanna, Faroe Islands. The 3.4 km main subsea cable was laid on the seabed, from the onshore grid connection point to the offshore installation node.
After transit across the North Atlantic Ocean to Vestmanna, the cable installation work was commenced and was successfully completed today. The cable installation was completed in a 22-hour operation.
“This cable is the highest valuable component of the infrastructure, and it’s a major milestone to have it safely installed. The installation and operation were completed according to plan thanks to our team and suppliers”, said Dr Martin Edlund, CEO of Minesto.
A standard offshore supply vessel was adapted by Minesto’s subcontractor Inyanga for the cable laying to provide a cost-efficient vessel solution for the marine operations. The cable was manufactured by JDR in the UK and loaded onto the installation vessel in Hartlepool prior to transiting to the Faroe Islands.
The next steps for the D12 installation are seabed anchoring and kite installation.
For additional information, please contact
Cecilia Sernhage, Communications Manager
+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.
