Minesto Forges Ahead: Tidal Power Innovations Drive Growth in H1 2025
August 15, 2025, 3:33 pm
Minesto's Half-Year Report 2025 details significant strides in ocean renewable energy. The Dragon 12 tidal kite, "Luna," demonstrated a 25% power boost with a new tether in the Faroe Islands, solidifying its commercial path. Minesto secured SEK 22 million in loan financing and a 25 MSEK grant for a tidal microgrid project, enhancing financial flexibility and future initiatives. A major organizational restructuring slashed fixed costs by 35%, streamlining operations for commercial project delivery. Global market expansion accelerated, covering eleven regions with established partnerships and developing "dragon farms." Brand visibility surged with over 500 million public media views, supported by key participations in World Expo Osaka and UN Ocean Conference. Minesto stands poised for broad commercialization, leading the charge in sustainable marine power innovation, driving global energy transition forward with determined efforts.
Minesto delivered a robust Half-Year Report for 2025. The company champions ocean renewable energy. Its unique tidal kite technology made significant advances. Operational milestones marked the period. Financial strengthening supports future growth. Minesto pushes for widespread commercial deployment of its sustainable power solutions.
Operational progress defined the second quarter. Operations continued in Vestmanna, Faroe Islands. The Dragon 12 tidal kite, "Luna," began electricity production. A key upgrade involved a longer tether. This significantly improved power performance. The Dragon 12 achieved a 25% power increase. This validated Minesto's marine power technology. It strengthened the path to broad tidal energy adoption. Electricity production and testing continue. They aim to push performance and robustness. The company seeks to demonstrate its unique global energy offer. This strong position supports commercial array build-out.
Strategic financial initiatives secured vital capital. Minesto raised SEK 22 million loan financing in June. Fenja Capital provided the loan. It ensures continued financial flexibility. A Minesto-led consortium received a 25 MSEK grant. The Swedish Energy Agency awarded the funding. This grant supports a tidal energy power plant for microgrids. The project envisions a complete microgrid installation in the Faroe Islands. Minesto collaborates with microgrid provider Capture Energy. Faroese utility company Sev and IVL Swedish Environmental Research Institute also participate. This effort demonstrates a unique tidal-based microgrid solution. It provides baseload power. This work also includes upgrading the Dragon-class platform. New Dragon 4 powerplants are being designed and manufactured. The microgrid system targets both local non-grid connected areas in the Faroe Islands and global market opportunities.
Warrant exercises further bolstered company finances. Warrants of series TO4 were highly successful. Approximately 89.0 percent of outstanding warrants were exercised. This generated SEK 17.1 million before issuance costs. Minesto actively explores various financial solutions. These will fuel its commercial rollout.
Minesto’s financials reflect ongoing development and investment. Total operating income for the period reached SEK 12.2 million. This primarily consisted of capitalized development work. Net sales for the period were SEK 0. Operating loss amounted to SEK 20.5 million. This negative result stemmed largely from technology development. Personnel costs totaling SEK 12.2 million were capitalized as development work. Intangible fixed assets stood at SEK 562.1 million. Capitalized development costs made up the majority. Grants of SEK 723 thousand reduced the acquisition value of capitalized development costs. Cash flow for the period registered at negative SEK 4.4 million. Cash and cash equivalents totaled SEK 30.2 million at period end. Equity amounted to SEK 562.6 million. The financial structure underpins continued innovation.
Global market expansion remains a core strategy. Minesto broadened its market interface. Site identification and development now cover eleven separate geographic markets. The go-to-market approach involves teaming with strong local energy project developers. Partnerships are established in these markets. Memorandums of Understanding are in place with most. The company's process supports partners. It helps them create "dragon farms." A structured site development project plan is validated. A framework for feasibility analysis is in place. Minesto is equipped to broaden market probing. It manages in-depth site development work at selected sites.
Commercial dialogues are advancing. A comprehensive data room for the Hestfjord investment case is available. A second data room for the Holyhead Deep Project is ready. Drekin Sp/f, a market development company, founded in the Faroe Islands. A 200 MW roadmap for the Faroe Islands is now complete. This shows clear intent for large-scale tidal energy deployment.
Minesto dramatically increased global brand awareness. Public media channels exceeded 500 million views in Q2 2025. This exposure is extraordinary for a new industrial brand. The "Faroe Islands Space Program" campaign launched with SKF. It focused on Dragon Technology. The campaign highlighted harnessing "moon energy" for sustainable power. Minesto featured in the documentary "Engineering Tomorrow." Broad media coverage followed in prominent channels. Successful participation occurred at World Expo Osaka 2025 in Japan. Minesto joined the official Swedish delegation. The company gained recognition at the United Nations Ocean Conference in Nice, France. It participated in EU Business Hub Smart Energy Week in Seoul, South Korea. Minesto continues engagement in global climate change forums. It attended a pre-COP event at the World Economic Forum in Geneva, Switzerland. Preparations are underway for COP30 in Brazil. Minesto actively shapes the global clean energy discourse.
A significant organizational restructuring completed after the period. This created a strong, lean, and focused organization. It positions Minesto to capture future opportunities. Fixed costs saw a substantial reduction. Costs decreased by approximately 35%. The organization concentrated its operations in Göteborg, Sweden. This reshaping included geographical relocation. Management team setup and product development focus also shifted. The reorganization ensures readiness to deliver commercial projects. This efficiency drive supports future growth.
Minesto solidifies its position as a pioneer in ocean renewable energy. The company moves with determination and positive spirit. Its mission is clear: deliver renewable tidal energy to the world. Minesto's patented product is unique. It operates cost-efficiently in low-flow tidal streams and ocean currents. This technology minimizes the global carbon footprint of the energy industry. It enables plannable commercial power production from the ocean. Minesto was founded in 2007. It operates in Sweden, the Faroe Islands, Wales, and Taiwan. The Minesto share (MINEST) trades on Nasdaq First North Growth Market. The future of sustainable ocean power is taking shape through Minesto's persistent efforts.
Minesto delivered a robust Half-Year Report for 2025. The company champions ocean renewable energy. Its unique tidal kite technology made significant advances. Operational milestones marked the period. Financial strengthening supports future growth. Minesto pushes for widespread commercial deployment of its sustainable power solutions.
Operational progress defined the second quarter. Operations continued in Vestmanna, Faroe Islands. The Dragon 12 tidal kite, "Luna," began electricity production. A key upgrade involved a longer tether. This significantly improved power performance. The Dragon 12 achieved a 25% power increase. This validated Minesto's marine power technology. It strengthened the path to broad tidal energy adoption. Electricity production and testing continue. They aim to push performance and robustness. The company seeks to demonstrate its unique global energy offer. This strong position supports commercial array build-out.
Strategic financial initiatives secured vital capital. Minesto raised SEK 22 million loan financing in June. Fenja Capital provided the loan. It ensures continued financial flexibility. A Minesto-led consortium received a 25 MSEK grant. The Swedish Energy Agency awarded the funding. This grant supports a tidal energy power plant for microgrids. The project envisions a complete microgrid installation in the Faroe Islands. Minesto collaborates with microgrid provider Capture Energy. Faroese utility company Sev and IVL Swedish Environmental Research Institute also participate. This effort demonstrates a unique tidal-based microgrid solution. It provides baseload power. This work also includes upgrading the Dragon-class platform. New Dragon 4 powerplants are being designed and manufactured. The microgrid system targets both local non-grid connected areas in the Faroe Islands and global market opportunities.
Warrant exercises further bolstered company finances. Warrants of series TO4 were highly successful. Approximately 89.0 percent of outstanding warrants were exercised. This generated SEK 17.1 million before issuance costs. Minesto actively explores various financial solutions. These will fuel its commercial rollout.
Minesto’s financials reflect ongoing development and investment. Total operating income for the period reached SEK 12.2 million. This primarily consisted of capitalized development work. Net sales for the period were SEK 0. Operating loss amounted to SEK 20.5 million. This negative result stemmed largely from technology development. Personnel costs totaling SEK 12.2 million were capitalized as development work. Intangible fixed assets stood at SEK 562.1 million. Capitalized development costs made up the majority. Grants of SEK 723 thousand reduced the acquisition value of capitalized development costs. Cash flow for the period registered at negative SEK 4.4 million. Cash and cash equivalents totaled SEK 30.2 million at period end. Equity amounted to SEK 562.6 million. The financial structure underpins continued innovation.
Global market expansion remains a core strategy. Minesto broadened its market interface. Site identification and development now cover eleven separate geographic markets. The go-to-market approach involves teaming with strong local energy project developers. Partnerships are established in these markets. Memorandums of Understanding are in place with most. The company's process supports partners. It helps them create "dragon farms." A structured site development project plan is validated. A framework for feasibility analysis is in place. Minesto is equipped to broaden market probing. It manages in-depth site development work at selected sites.
Commercial dialogues are advancing. A comprehensive data room for the Hestfjord investment case is available. A second data room for the Holyhead Deep Project is ready. Drekin Sp/f, a market development company, founded in the Faroe Islands. A 200 MW roadmap for the Faroe Islands is now complete. This shows clear intent for large-scale tidal energy deployment.
Minesto dramatically increased global brand awareness. Public media channels exceeded 500 million views in Q2 2025. This exposure is extraordinary for a new industrial brand. The "Faroe Islands Space Program" campaign launched with SKF. It focused on Dragon Technology. The campaign highlighted harnessing "moon energy" for sustainable power. Minesto featured in the documentary "Engineering Tomorrow." Broad media coverage followed in prominent channels. Successful participation occurred at World Expo Osaka 2025 in Japan. Minesto joined the official Swedish delegation. The company gained recognition at the United Nations Ocean Conference in Nice, France. It participated in EU Business Hub Smart Energy Week in Seoul, South Korea. Minesto continues engagement in global climate change forums. It attended a pre-COP event at the World Economic Forum in Geneva, Switzerland. Preparations are underway for COP30 in Brazil. Minesto actively shapes the global clean energy discourse.
A significant organizational restructuring completed after the period. This created a strong, lean, and focused organization. It positions Minesto to capture future opportunities. Fixed costs saw a substantial reduction. Costs decreased by approximately 35%. The organization concentrated its operations in Göteborg, Sweden. This reshaping included geographical relocation. Management team setup and product development focus also shifted. The reorganization ensures readiness to deliver commercial projects. This efficiency drive supports future growth.
Minesto solidifies its position as a pioneer in ocean renewable energy. The company moves with determination and positive spirit. Its mission is clear: deliver renewable tidal energy to the world. Minesto's patented product is unique. It operates cost-efficiently in low-flow tidal streams and ocean currents. This technology minimizes the global carbon footprint of the energy industry. It enables plannable commercial power production from the ocean. Minesto was founded in 2007. It operates in Sweden, the Faroe Islands, Wales, and Taiwan. The Minesto share (MINEST) trades on Nasdaq First North Growth Market. The future of sustainable ocean power is taking shape through Minesto's persistent efforts.