Minesto publishes Interim Management Statement 1 January-30 September 2024
CEO Dr Martin Edlund: “During third quarter we have completed the business case for project investment in Hestfjord Phase 1 (Faroe Islands) based on Dragon 12 test results. We have also hosted numerous visits from both local and international partners at our facility in Vestmanna.”.
Significant events July- September 2024
No significant events during the period
After the end of the period
In the North Atlantic, leading ocean energy developer Minesto is moving forward with the pioneering build-out of a tidal energy site. The Hestfjord Dragon Farm is a first-of-a-kind tidal energy array with Minesto Dragon 12-kites with a total capacity of 10 MW in a first phase. Following the successful utility-scale installation of the Dragon 12 in Vestmanna and corresponding interest by various parties in the technology, Minesto assigns strategic advisor Ernst & Young (EY) to the unique Dragon Farm Project, with focus on investments.
The Group in summary 1 January-30 September 2024
• Total operating income amounted to SEK 19,320 thousand (34,791) and mainly included capitalised development work. Net sales amounted to SEK 75 thousand (390).
• Operating loss amounted to SEK –32,884 thousand (-18,735). The negative result is largely attributable to business development and administration related to technology development. Of the personnel costs, SEK 19,222 thousand (31,649) has been capitalised as development work.
• At the end of the period, intangible assets amounted to SEK 531,569 thousand (451,924), of which capitalised development costs amounted to SEK 514,633 thousand (435,991) and capitalised patent expenses amounted to SEK 16,937 thousand (15,932).
• Grants of SEK 716 thousand (25,849) were accrued during the period, of which SEK 716 thousand (23,612) has reduced the acquisition value of the capitalised development costs. During the period, payments of SEK 27,803 thousand (40,533) were received from public funding schemes, of which SEK 26,474 thousand (40,533) is approved claims and the remaining part is advance payments.
• Cash flow amounted to SEK 39,418 thousand (24,724). At the end of the period, cash and cash equivalents amounted to SEK 54,790 thousand (60,078).
• At the end of the period, equity amounted to SEK 571,836 thousand (533,164) divided into 194,116,040 shares (160,732,694), of which net loss for the period amounted to SEK –32,731 thousand (–16,635).
The Interim Management Statement t is available to download at Minesto’s website:
