Minesto to concentrate Dragon Class operations in the Faroe Islands in 2022

"We are confident that this restructuring of our ongoing projects is the best way forward. This is the most value-creating use of investments, both private and public, in our EU-funded collaborations with the Welsh European Funding Office and the Interreg Tidal Stream Industry Energiser Project. The funding agreements for these projects remain the same, and so does our commitment to develop an 80 MW commercial array off North Wales", said Dr Martin Edlund, CEO of Minesto. "We are confident...

"We are confident that this restructuring of our ongoing projects is the best way forward. This is the most value-creating use of investments, both private and public, in our EU-funded collaborations with the Welsh European Funding Office and the Interreg Tidal Stream Industry Energiser Project. The funding agreements for these projects remain the same, and so does our commitment to develop an 80 MW commercial array off North Wales", said Dr Martin Edlund, CEO of Minesto.

"Streamlining our installations to one location brings significant synergies in terms of risk reduction, logistics and costs. It is the fastest approach to demonstrate the upgraded powerplant performance, to generate revenues and to enable large-scale buildout of arrays in multiple locations."

This decision mitigates potential project delays from the supply chain. Due to the Covid-19 pandemic there have been uncertainties and delivery challenges which are more efficiently managed by concentrating operations to one geographical site.

The new project plan allows for back-to-back commissioning and concurrent operations of the two D4 units and the following D12 utility-scale unit. This will enable Minesto to generate electricity production data from long-term, grid-connected operations for use in all ongoing collaborative projects.

"Our collaboration with SEV continues and their role in providing grid connections, consenting, on the ground support and simply being the world's first advanced customer of Deep Green tidal energy is of significant value to us. Not to mention that the three units will produce electricity under the existing Power Purchase agreement", said Martin Edlund.

Further, Minesto's collaboration with its French partners also continues, with focus on deliverables within the TIGER project on cost of energy reduction roadmap and demonstration of the low environmental impact of operations. In Wales, the work now focuses on assembly and in-factory testing of the commercial scale 1.2 MW D12 unit and key supporting systems such as bottom joint and installation frames. Production data from this system will support the ongoing site development work towards the buildout of an 80 MW array in Holyhead Deep.

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Cecilia Sernhage, Communications Manager
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[email protected]

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 11:00 CET on 14 March 2022.

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