Minesto Completes Major Reorganization to Enhance Business Efficiency and Reduce Costs

Minesto's Strategic Reorganization: A New Era in Ocean Energy Development

Minesto, a pioneering force in the ocean energy sector, has recently announced the completion of a comprehensive reorganization aimed at enhancing efficiency, reducing fixed costs, and positioning itself for future commercial endeavors. This initiative is not just a response to external market demands but a strategic move to streamline operations and strengthen its presence in the ever-evolving energy landscape.

Key Changes in the Organizational Structure

Over the past year, Minesto has meticulously restructured its organization, focusing on several critical areas: geographical relocation, management team consolidation, and an intensified emphasis on product development. One primary outcome of this reorganization has been a remarkable 35% reduction in fixed operational costs, a significant achievement for any company trying to navigate today’s competitive markets.

The consolidation of support staff within the main office in Göteborg has allowed Minesto to close its facility in Holyhead, Wales. This move not only simplifies operations but also fosters better collaboration among teams that are now co-located. The focus on their existing site in Vestmanna, Faroe Islands, remains strong, as they continue to work closely with local partners to advance their projects.

Leadership and Team Structure Adjustments

Minesto has also streamlined its management team from eight members down to six. This reduction allows for more efficient decision-making processes while maintaining a clear division of responsibilities across various aspects of commercialization and project delivery. Dr. Martin Edlund, CEO of Minesto, emphasized the importance of retaining valuable insights and talent during this transition, thanking the outgoing Chief Strategy Officer David Collier and Chief Supply Chain Officer Hans Lindström for their contributions.

In this new configuration, Minesto aims to enhance cross-functional collaboration, which is deemed essential for the commercial development of their technologies. Edlund highlights how vital customer involvement from all team members will be in driving successful outcomes, especially as they continue their partnership with EY to strengthen investment cases and enhance investor relations.

Enhanced Product Development Focus

The reorganization's effects have also reached the product development division, where a focus on the integration of operations has led to improved efficiencies. By refining their approach to new design and installation methods for their Dragon farms, Minesto aims to upscale production capability and adapt to specific customer requirements. This essential shift in focus aligns with their long-term goal to innovate future generations of Dragon systems.

The recent staff reductions in research and development signify a transition from foundational research to targeted product development, enabling the company to hone in on specific market needs while preserving their innovation capabilities. Minesto’s partnerships with entities like TCC Green Energy and Future Fibres exemplify their commitment to collaborative progress and resourcefulness without expanding their workforce exponentially.

Conclusion: Looking Ahead

With a core organizational structure now comprising 36 employees, Minesto stands ready to manage its operational needs while keeping a level of flexibility to expand as necessary. The company’s focus on creating a strong base of resources and expertise will be crucial as it seeks to advance its agenda and explore new commercial opportunities worldwide.

As Minesto continues its journey in the ocean energy market, stakeholders can be assured of their commitment to innovation, efficiency, and sustainability. The changes implemented through this reorganization represent not just a necessary shift but a forward-thinking approach that positions Minesto as a key player in the global transition to renewable energy.

For further insights or inquiries, you can reach out to Cecilia Sernhage, the Chief Communications Officer, directly at +46 735 23 71 58.