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GOTHENBURG, Sweden, Aug. 22, 2024 /PRNewswire/ -- 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 3rd 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).