#Sweden #Gothenburg #Renewable Energy #Minesto #tidal energy

Minesto's Year-End Report 2024

Minesto, a pioneering developer in ocean energy, has made significant strides as evidenced in their Year-End Report for 2024. The company's commitment to harnessing untapped natural resources continues to gain traction both locally and internationally. Under the leadership of CEO Dr. Martin Edlund, Minesto highlights its innovative technology known as the Dragon 12, which has been crucial in demonstrating competitive renewable energy production.

Key Achievements of 2024

Between October and December of 2024, Minesto dedicated efforts to enhance its tidal energy buildout in the Faroe Islands, particularly focusing on the Hestfjord Dragon Farm. This ambitious project aims to establish a first-of-its-kind tidal energy array composed of Dragon 12 kites with a total capacity of 10 MW during its initial phase. Following the successful installation of the Dragon 12 in Vestmanna, the interest among various stakeholders has surged, prompting Minesto to engage Ernst Young (EY) as a strategic advisor for the Dragon Farm Project to address investment opportunities.

In a pivotal announcement in December, the company unveiled the completion of the Hestfjord Dragon Farm specifications, utilizing the achievements of the Dragon 12. This encompasses the technical specifications and overall design earmarked for the initial 10 MW phase in the Faroe Islands.

Minesto garnered international attention by presenting its work at the Enlit Europe conference in Milan and having a representative presence at COP29 in Baku, Azerbaijan. Dr. Edlund's notable participation featured a session discussing the essential role of innovation in combating climate change.

The company also organized a successful capital market day at its Gothenburg headquarters, creating a platform for shareholders and stakeholders to engage directly with Minesto’s operations and future ambitions.

Engagement and Expansion Initiatives

After the year-end period, February 2025, marked a significant gathering in Torshavn where Minesto engaged with Faroese stakeholders, presenting a roadmap for a sustainable energy system focusing on a massive 200 MW buildout. The local community's response to the prospects surrounding Minesto's tidal energy initiatives at Hestfjord underscored the project’s regional importance.

In a positive development, DNV, recognized as a leader in technology assessments, completed an independent review of the Dragon-class technology initiated in late 2024. This review affirmed Minesto's technology's robustness, enhancing the case for further investment and development.

Financial Overview

The financial summary for the period spanning January to December of 2024 reveals total operating income at SEK 33,035 thousand, showcasing the capitalized development work as its primary source. Net sales accounted for SEK 75 thousand, illustrating the deep investment in future technological capabilities despite an operating loss of SEK -37,345 thousand.

Despite the financial challenges, Minesto's intangible assets grew to SEK 544,924 thousand, highlighting significant investments in development and patenting. Cash flow exhibited a positive trajectory with SEK 19,436 thousand during the same period, underpinning the firm’s stable financial posture.

A Vision of Future Growth

In Dr. Edlund’s own words, “2024 was a year of outstanding achievements.” The accomplishments surrounding the Dragon 12 technology position Minesto strategically to unlock its commercial potential. The viability of ocean energy solutions appears solid, as noted by the competitive energy costs and the unique opportunities they present in the transition toward renewable energy.

All qualifying technical aspects for commercial Dragon farms have been verified successfully. As Minesto looks to the future, it focuses on expanding partnerships, enhancing local collaborations, and securing public funding. These initiatives are tailored to stabilize and grow their market presence in the renewable energy arena.

As the ocean energy sector gains acknowledgment, Minesto's drive to capitalize on this momentum through innovative technology and collaborative engagement emphasizes its pivotal role in the sustainable energy landscape.