#Sweden #Gothenburg #Minesto #DNV #Dragon-class

Minesto's Technological Evaluation: A Game Changer

In a move aimed at enhancing investor confidence, Minesto AB, a pioneer in marine energy technology, has successfully concluded an independent technical review of its innovative Dragon-class technology. This evaluation was carried out by DNV, a global leader renowned for its expertise in technology assessments, particularly in the energy and maritime sectors. The review was initiated in the autumn of 2024 and has now culminated, underpinning the company's plans for future expansions.

Overview of the Review Process

The DNV review process was comprehensive, incorporating full disclosures of technical specifications associated with the Dragon-class technology. This included an examination of energy conversion performance, production volumes, and the intricacies of installation procedures. To gather the necessary data, DNV conducted thorough documentation reviews, workshops with Minesto's development team, and even a site visit to observe the offshore installation on the Faroe Islands.

Implications for Future Developments

The results of this review bolster Minesto’s plans for establishing a 10MW array on the Faroe Islands, targeting competitive levels of Levelized Cost of Energy (LCOE). The findings are particularly encouraging given the technology's low system weight and its unique installation and handling procedures, which promise to enhance operational efficiency.

Dr. Martin Edlund, CEO of Minesto, emphasized the necessity for independent assessments of novel technologies, stating, "Potential customers and partners require insights from trusted external sources regarding the risks and commercial viability of our technology, especially as we transition from single-kite operations to larger arrays. The high-quality findings from the DNV review significantly address this need."

Transparency and Future Steps

Minesto is poised to share the results of the review, alongside detailed technical documentation, with selected partners and prospective customers under Non-Disclosure Agreements (NDAs). This initiative demonstrates Minesto’s commitment to transparency and its intention to foster relationships that will drive commercial advancements.

Martin Edlund noted, "It represents a significant effort to disclose extensive technical information to third parties. This phase is successfully completed, and it has further reinforced our technical documentation.”

Additionally, DNV has provided valuable insights regarding potential risks and areas for improvement, which Minesto is eager to incorporate into its development agenda. "It’s reassuring to note that the technical risks identified by DNV correspond with our internal assessments, which will help prioritize our development process going forward. We are enthusiastic about implementing this feedback in our next venture, the Hestfjord Dragon Farm," concluded Edlund.

About Minesto

Founded in 2007, Minesto has emerged as a leader in marine energy technology, aiming to minimize the energy industry's carbon footprint through commercial power production harnessed from ocean currents. The company’s award-winning and patented technology stands out as the only verified marine power solution capable of operating effectively in low-flow tidal streams.

With over €45 million in funding from the European Regional Development Fund and other initiatives, Minesto represents one of the largest investments in marine energy within the European Union. The company operates across several regions, including Sweden, the Faroe Islands, Wales, and Taiwan. Its shares are traded under the ticker MINEST on the Nasdaq First North Growth Market.

For more information about Minesto and its innovative marine technologies, visit Minesto’s official website.