Minesto's 2025 Half-Year Report Highlights Innovative Tidal Technology Progress

Minesto's Half-Year Report 2025: A Leap Forward for Tidal Energy

In an era where renewable energy is crucial for combating climate change, Minesto emerges as a leader in ocean renewable energy technology. Announced on August 14, 2025, their Half-Year Report showcases substantial advancements in their operations and a solid commitment to delivering tidal energy globally.

Overview and Key Developments

During the second quarter of 2025, Minesto has made remarkable progress at its test site in Vestmanna, Faroe Islands. Their Dragon 12 tidal kite, named 'Luna', was successfully connected to the grid and began generating electricity at the start of May. Key enhancements, such as an extended tether, have resulted in a significant 25% increase in power performance. This milestone confirms Minesto's position as an innovative leader in tidal energy technology, setting the stage for future commercial-scale deployments.

Furthermore, the company secured a loan of SEK 22 million from Fenja Capital, providing them with the financial flexibility needed to navigate the dynamic energy market. Alongside this, a consortium led by Minesto was awarded a grant of 25 MSEK by the Swedish Energy Agency. This funding will facilitate the development of a tidal energy power plant designed for microgrids in the Faroe Islands, emphasizing Minesto's commitment to integration of renewable energy solutions.

Financial Snapshot

The report details financial performance for the first half of 2025, highlighting total operating income of SEK 12,234 thousand, slightly down from SEK 13,549 in 2024. Net sales fell to SEK 0, compared to SEK 75 thousand in the previous period. The operating loss came in at SEK -20,502 thousand, but this is expected in a technology development context. Notably, Minesto has capitalized on personnel costs, which indicates ongoing investment in their workforce as they push forward.

Currently, the company holds intangible fixed assets amounting to SEK 562,112 thousand, showcasing strong investments in development and patents. Despite a reduction in cash flow, Minesto maintains a healthy level of cash and equivalents, amounting to SEK 30,241 thousand at the end of June 2025.

Strategic Initiatives

Looking to the future, Minesto completed a significant reorganization aimed at streamlining its operations. The company has cut fixed costs by approximately 35% and now focuses its operations in Gothenburg, Sweden. This shift is expected to enhance their operational efficiency and prepare them for imminent commercial projects.

Minesto's ongoing efforts include further collaborations with global energy project developers, aligning with twelve separate markets to solidify their presence in the global renewable sector. The partnerships span various regions, providing local insights and expertise vital for the company's expansion plans.

A noteworthy highlight of the year includes Minesto's engagement at the World Expo 2025 in Osaka, Japan, where they represented the innovation of Swedish technology in renewable energy. Such visibility contributes to raising awareness of their pioneering products.