Minesto publishes Half-Year Report 2024
CEO Dr Martin Edlund: “Minesto’s second quarter has been characterised by business development driven by the success of Dragon 12” and “We have an ambitious autumn and winter ahead of us”.
Significant events April-June 2024
On 3 April 2024, the final outcome of the company’s rights issue was announced. The subscriptions, with the support of unit rights and the applications for subscription without the support of unit rights, corresponded to approximately 50.9 percent of the Rights Issue. Guarantee commitments corresponding to approximately 32.2 percent of the Rights Issue, were utilized. The Rights Issue hence provided the company with proceeds of approximately SEK 100.2 million before deduction of costs related to the Rights Issue. Upon full exercise of all the warrants of series TO4 the Company is expected to raise up to an additional approximately SEK 50.1 million before deduction of cost related to the exercise of the warrants.
In the beginning of May, grid-connected megawatt powerplant Dragon 12 reaches its first three-month milestone of trouble-free testing. In addition, for the first time, an array of tidal kites is in operation – the 1.2 MW D12 and one 100kW D4, adding valuable production data for array build-out.
At the Annual General Meeting, CEO Dr Martin Edlund presents Dragon Class performance data based on accumulated analysis of Dragon 4 power production curve and verified simulation modelling. The data plays a key role in third-party technical feasibility evaluations and in calculating yearly yields for investment proposals at specific site locations.
Minesto and Faroese utility company Sev jointly renew and update existing Power Purchase Agreement. The price-level is adjusted to denote the total system value of tidal energy in the future 100% renewable energy mix in the Faroe Islands.
After four months of grid-connected operation, the Dragon 12 is successfully recovered for service and inspection. The demonstration site in Vestmanna continues to attract visits from international stakeholders and high-level decision–makers, there among top politicians EU. Minesto is also featured in international media, for instance in a BBC news coverage.
After the end of the period
No significant events after the end of the period
The Group in summary 1 January-30 June 2024
Total operating income amounted to SEK 13,549 thousand (25,016) and mainly included capitalised development work. Net sales amounted to SEK 75 thousand (391).
Operating loss amounted to SEK –23,268 thousand (–13,271). The negative result is largely attributable to business development and administration related to technology development. Of the personnel costs, SEK 13,452 thousand (22,549) has been capitalised as development work.
At the end of the period, intangible assets amounted to SEK 519,460 thousand (430,677), of which capitalised development costs amounted to SEK 502,733 thousand (415,009) and capitalised patent expenses amounted to SEK 16,727 thousand (15,668).
Grants of SEK 414 thousand (23,206) were accrued during the period, of which SEK 406 thousand (21,615) reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 27,627 thousand (40,533) were received from public funding schemes, of which SEK 26,298 thousand (40,533) is approved claims and the remaining part is advance payments.
Cash flow amounted to SEK 60,670 thousand (50,997). At the end of the period, cash and cash equivalents amounted to SEK 76,051 thousand (86,891).
At the end of the period, equity amounted to SEK 581,462 thousand (540,099) divided into 194,116,040 shares (160,732,694), of which loss for the period amounted to SEK –23,143 thousand (–9,781)
The Half-Year Report is available to download at Minesto’s website:
