Project update Vestmanna: Minesto CEO comments on the multiple ongoing activities
Minesto, leading ocean energy developer, continues to push the preparations to completion for commissioning of Dragon 12 in Vestmanna, Faroe Islands. Today, Minesto’s CEO Dr Martin Edlund comments on the multiple ongoing activities.
The Dragon 12 is the world’s first utility-scale tidal dragon. It has been through an installation and recovery cycle. Under extreme weather conditions with heavy snow and wind, the Minesto team has continued on-site work. Now final preparations are made before installation and production commence. Commissioning a first full-scale unit, precision and carefulness is essential.
“There is a lot of attention locally in the Faroes, among our stakeholders in Sweden and globally on our progress. Our obvious priority is to set the D12 in production as soon as possible. We have an operational site with all infrastructure verified. Communications with the installed kite and all kite subsystems have been up and running during the installation trials and to our satisfaction. Nonetheless, even the smallest aspect will need attention and evaluation before we start production”, says Dr Martin Edlund, CEO of Minesto.
“We are genuinely trailblazing - no one has ever installed and flown an underwater kite at megawatt scale. There are many processes and procedures that we carry out for the first time. Normal operational procedures such as on-shore handling of the long tether, connecting the kite control system on-shore or opening up a rudder module to check a sensor has to follow certain steps and conducted by the right experts for it to be safe and secure”, says Dr Martin Edlund.
“We are of course very eager to start electricity production, and the expectation on us as a company is rightfully high”, says Dr Martin Edlund.
Dragon 4
“In the meantime, the Dragon 4 has produced electricity during the winter, and thus demonstrated the capacity for production of dispatchable base power through this renewable energy source. With predictable production as a central part of the energy mix, both CAPEX and OPEX could be reduced while maintaining reliability. The Dragon 4 is now brought to quayside for planned service”, says Dr Martin Edlund.
Minesto’s drone footage of the first launch of Dragon 12 is today being released at Minesto youtube channel;
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 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.
