#Sweden #Gothenburg #Renewable Energy #Minesto #Dragon-class

Independent Review Validates Minesto's Dragon-Class Technology

Minesto AB has recently announced the successful completion of an independent technical review of its innovative Dragon-class technology. Conducted by DNV, a global leader in technology assessments within the energy and maritime sectors, the review began in autumn 2024 and has ultimately reinforced the investment case for Minesto's technology.

The evaluation assessed crucial aspects of the Dragon-class technology, including energy conversion efficiency, production volume, and installation methodologies. The review team leveraged a wealth of technical data provided by Minesto, complemented by comprehensive documentation, workshops with the development team, and an on-site visit to the production facilities located in the Faroe Islands during offshore installation processes.

This thorough examination lends substantial credibility to Minesto's plans for a pioneering 10MW array deployment in the Faroe Islands, a move anticipated to significantly reduce the levelized cost of energy (LCOE) thanks to the technology's low system weight and its efficient installation procedures. Dr. Martin Edlund, CEO of Minesto, emphasized the necessity of independent verification for cutting-edge technologies as they transition from single-kite deployments to more intricate array systems. He stated, "The findings from DNV are invaluable in addressing the concerns of potential customers and partners regarding risks and the commercial viability of our technology."

To move forward commercially, Minesto is disseminating the review's findings, along with technical documentation, to selected partners and future clients under non-disclosure agreements (NDAs). Dr. Edlund noted the extensive effort required to provide such detailed data to external stakeholders and expressed satisfaction with the review's outcomes, stating, "It has bolstered our technical documentation significantly."

Furthermore, the DNV review provided critical insights regarding potential risks and suggestions for enhancements, all of which have been integrated into Minesto's ongoing development initiatives. The alignment of the risks identified by DNV with Minesto's internal assessments confirms the company's strategic development priorities. Looking ahead, Minesto is eager to implement these recommendations as they proceed with the launch of the Hestfjord Dragon Farm.

About Minesto

Founded in 2007, Minesto has established itself as a leader in marine energy technology, aiming to reduce the global carbon footprint of the energy sector via commercial power generation from oceanic resources. The company's groundbreaking and patented solution is recognized as the only marine power plant capable of operating efficiently in regions characterized by low-flow tidal currents and ocean currents.

Minesto has secured over €45 million in funding from the European Regional Development Fund, facilitating its position as the European Union's largest investment in marine energy to date. The company operates in Sweden, the Faroe Islands, Wales, and Taiwan, with major shareholders including BGA Invest and Corespring New Technology. The Minesto shares are traded on the Nasdaq First North Growth Market under the ticker MINEST.

For further details, visit Minesto's official website at www.minesto.com for press images and relevant media materials, or access financial documents in Swedish at www.minesto.com/investor.

In summary, the successful completion of this review not only validates Minesto's advanced technology but also positions the company favorably for future commercial endeavors in the renewable energy sector.