Project update Vestmanna: Dragon 12 functionality verified and power production performance satisfactory and as projected

After the first two weeks of testing, the Dragon 12 functionality is verified and power production performance is satisfactory and as projected. All core operating functions such as starting, turning with the tidal flow and electricity generation have been successfully verified in its first phase of operation. Given the stable system behaviour, Minesto concludes the technology risks of scale-up have been significantly reduced.

The Minesto 1.2 MW tidal powerplant - Dragon 12 - has since installation two weeks ago delivered as expected during its first phase of operation at its grid-connected mono-pile seabed foundation in Vestmannasund, Faroe Islands.

Building on experience from Dragon 4 (the smaller 100kW system), control capacity and simulation environments, all core operating functions such as starting, turning with the tidal flow and electricity generation have been successfully verified in the initial testing.

The Dragon 12 has been generating and flying in its 8-shaped trajectory with an outer dimension of 70 meters at an average flight depth of 50 meters all as stipulated by the control system. The powerplant is monitored and controlled remotely by Minesto and interfaced with the grid management system at SEV’s main control room in Torshavn.

“It is a moment of truth to take part in the first flight, and consequently electricity production, of any new Minesto kite. The kite dives and then shoots itself onto the trajectory driven by the lifting force from the tidal current - while synchronizing the induction generator with the grid. There are quite a few parameters that must be set correctly for this to work properly. Although I expected our excellent team of engineers to deliver – it was very satisfying seeing the status in the SCADA-interface shifting to ‘Production’ and thereby moving Minesto into the mega-watt league,” comments Bernt Erik Westre, CTO of Minesto.

Dragon 12 is powerful and designed to create large forces, making it sound to push and fine tune the system stepwise to manage and control these forces optimally. The system is responding as predicted, creating a solid base for the coming activities which will focus on dialing in various settings in the Dragon 12 control system.

“We successfully summarize the first weeks of Dragon 12 testing. Given the positive system behavior and response, already at this phase of operation we can conclude that technology risks of scale-up have been significantly reduced. Minesto is now in an exclusive group of tidal technology developers at megawatt scale, and most importantly the sole provider of full-scale powerplants utilizing the truly unique and competitive energy conversion principle of kite-flying,” said Dr Martin Edlund, CEO of Minesto.

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 €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.