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Minesto AB's Q1 2026 Update

Minesto AB, a leading innovator in tidal energy solutions, has provided an interim management statement detailing its activities and progress during the first quarter of 2026. Under the guidance of CEO Dr. Martin Edlund, the company has seen encouraging developments in both market penetration and technological advancements.

Significant Achievements

The quarter from January to March 2026 was marked by several noteworthy events that reflect Minesto's commitment to expanding its influence in the renewable energy sector. Notably, the European Investment Bank (EIB) selected Minesto for its Project Development Assistance program. This initiative is designed to provide financial advisory support to selected projects within the EU's renewable sector, showcasing Minesto's potential at a significant 10 MW Dragon Farm site in EU waters. The company aims to raise 25 million EUR to enhance the financial viability of this project.

In addition to this, Minesto secured a €24,000 grant from the Swedish Energy Agency through the Global Innovation Accelerator program. This funding will facilitate the company’s market development efforts in Taiwan, emphasizing its international ambitions. Minesto also participated in the high-profile Nordic-Taiwan Sustainable Energy Forum held in Taipei in December, further solidifying its presence in the Asian market.

Collaborations are crucial for Minesto’s growth strategy. This quarter also witnessed the signing of a memorandum of understanding with Haf-Afl, a prominent developer of ocean energy sites, which will enable Minesto to explore opportunities in the Icelandic market.

Innovation and Testing

The company's technological progress was highlighted by the successful installation of its Dragon 4 microgrid powerplant, which produces 100 kW of electricity for the Faroese grid. This initiative contributes valuable data crucial for future microgrid installations, partly financed by the Swedish Energy Agency. Furthermore, after an extensive 10-month deployment, the Dragon 12 tidal energy kite was retrieved for inspection and maintenance, confirming the system's robustness and operational stability.

Financial Overview

Minesto's operational results for the quarter indicate a total operating income of SEK 5,619 thousand, a slight decrease from SEK 6,298 thousand in the previous period. This income primarily reflects capitalized development efforts, which have been significant in bolstering Minesto's financial foundation. Despite an operating loss of SEK 7,065 thousand, the company remains positive about future growth prospects, mainly due to extensive investments in technology development.

At the close of the quarter, Minesto recorded intangible fixed assets valued at SEK 581,541 thousand, with capitalized development costs amounting to SEK 563,118 thousand. Overall, the company’s equity reached SEK 623,478 thousand, driven by a substantial increase in share issuance.

Future Outlook

Dr. Edlund remarked on the intense focus of Minesto during the first quarter, emphasizing the imperative to align innovative energy solutions with a shifting global energy landscape. The current volatility of fossil fuel prices and the pressing need for energy security have created fertile ground for renewable alternatives like tidal energy.

With its market development strategy actively engaging potential partnerships, Minesto aims to further establish its role in up to twenty markets worldwide. The collaboration with local partners allows for customized solutions and supports community goals, ultimately contributing to a broader transition to renewable energy.

Looking to the near future, Minesto is focused on utilizing its ongoing projects to refine its technology further and cut costs, positioning itself as a leader in the tidal and ocean current sectors. The continuous evolution of its energy products aims to provide affordable and stable energy sources, contributing significantly to the global renewable energy mix.

As the world grapples with climate change and seeks sustainable solutions, Minesto’s innovations in tidal energy could play a pivotal role in offering secure and reliable energy to various regions across the globe.

For more detailed financials and future projections, stakeholders can access the full Year-End Report available on Minesto’s official website.