Project update Vestmanna: Electricity production during load test interrupted

Minesto, leading ocean energy developer, has for ten days carried out a load test during electricity production with a new potentially performance-enhancing subsystem. Yesterday the production was interrupted, and an unplanned surface recovery was successfully carried out.

During the summer, Minesto carries out a series of load tests with new system configurations to increase and secure the Dragon 4 system performance and robustness when exposed to high loads at maximal tidal stream velocities. On Sunday, an unplanned surface recovery was carried out in collaboration with Minesto’s local installation partner.

“Unplanned production stops are unwanted but a natural consequence of the load tests we carry out to verify and push the load limits at maximized production. The Dragon 4 is now undergoing analysis, service and preparations for re-installation”, 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 €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.

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.