Latest news with #Minesto
Yahoo
2 days ago
- Business
- Yahoo
Minesto's tidal power plant Dragon 12 in operation reaching key production performance milestone
GOTHENBURG, Sweden, June 12, 2025 /PRNewswire/ -- Minesto, leading ocean energy developer, today announces that its Dragon 12 tidal energy system (Luna), installed in Vestmannasund, Faroe Islands, has met a major production performance milestone: the longer tether enables a 25% increase of power performance. This strengthens the company's path toward commercial-scale deployment of its unique tidal kite technology. Following the recent upgrade and installation of the Dragon 12 (Luna) mid-May, Minesto concludes that the system has met performance expectations as simulations predict. Most significantly, based on a 10 meter longer tether, the power performance increase is around 25% relative earlier testing. This is expected from computer simulation predictions. These results further validate production volumes used in Minesto's business cases for commercial buildout in the Faroe Islands. "We are really pleased to have Dragon 12 in operation with increased performance in solid alignment with computer simulated predictions. This underscores the electricity production volumes used in our Dragon farm business cases and thereby reduce investor risks," said Dr Martin Edlund, CEO of Minesto. In addition to Dragon 12 showcasing technical performance, the production site in Vestmanna continues to serve as a live demonstration platform. Recent visits from utility partners, energy ministries, and potential commercial customers have further positioned the site as a central reference case in the global marine energy landscape. "With the generated Dragon 12 production data and solid build-out plans in place, we are eager to engage investors and partners in taking the next step towards the world's first Dragon Farm - an array of Minesto's unique power plants," said Dr Martin Edlund. For additional information please contactCecilia Sernhage, Chief Communications Officer +46 (0)735 23 71 58 ir@ 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 11:17 CEST on 12 June 2025. This information was brought to you by Cision The following files are available for download: Press Release View original content: SOURCE Minesto AB Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
Yahoo
20-05-2025
- Business
- Yahoo
Project Update Vestmanna: Commercial Scale Powerplant: Dragon 12 grid connected, producing electricity
GOTHENBURG, Sweden, May 20, 2025 /PRNewswire/ -- Minesto, leading ocean energy developer, continues operation and testing activities in Vestmanna, Faroe Islands. The Dragon 12-megawatt tidal kite 'Luna' is in electricity production, following an upgrade period most prominently including a longer tether. The Dragon 12 'Luna' is installed in Vestmannasund, Faroe Islands, producing electricity to grid with an extended tether configuration. Electricity production combined with a range of study visits from customers and other stakeholders make Vestmanna to the centre of attention for Minesto. "The initial electricity production with the updated tether looks promising and in line with our expectations. We are excited to continue our testing, and satisfactory to keep pushing forward in production mode," said Dr. Martin Edlund, CEO of Minesto. For additional information, please contactCecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@ This information was brought to you by Cision The following files are available for download: Minesto Dragon 12 installation in Vestmannasund Faroe Islands View original content: SOURCE Minesto AB Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Minesto joins World Expo 2025 in Osaka, Japan as part of the Swedish official delegation
GOTHENBURG, Sweden, May 14, 2025 /PRNewswire/ -- Minesto, leading technology developer in ocean energy, joins the World Expo 2025 in Osaka, Japan, as part of the Swedish official delegation and partner to the Nordic Pavilion. Today 14 May, Sweden celebrated its national day at World Expo, the delegation led by HM King Carl XVI Gustaf. Minesto CEO Dr. Martin Edlund was invited to join the visit and ceremony as part of the Swedish official delegation. The World Expo 2025 takes place in Osaka, Japan and is described as a global stage for co-creating the future - with 160+ countries, 28 million visitors expected, and a spotlight on innovation, collaboration and impact. Sweden is part of the joint Nordic pavilion, The Nordic Circle, where sustainability, innovation, and cooperation take centre stage. Today 14 May, Sweden celebrated its National Day at World Expo. An official delegation led by HM King Carl XVI Gustaf, and a large business delegation headed by Jacob Wallenberg, Chairman of the Confederation of Swedish Enterprise, visited the World Expo and the Nordic pavilion. The day highlighted innovation, business, and culture, showcasing Sweden's expertise in sustainable and future-proof solutions. Minister for Development Cooperation and Foreign Trade, Benjamin Dousa, represented the Swedish Government. The delegations aim to further strengthen ties between Sweden and Japan and promote the business opportunities made possible through collaboration between the two nations. Minesto CEO Dr. Martin Edlund participated in the official delegation, meeting Japanese governmental representatives. Minesto CEO Dr. Martin Edlund participated in the official delegation, meeting representatives from the Japanese government as well as international stakeholders. "Our participation in the World Expo in Osaka offers a great opportunity to create global awareness of the ocean and tidal currents as an untapped energy resource - a new renewable that our technology can unlock in a competitive way. We are honoured to be part of the Nordic pavilion and we are here to build relationships and partnerships with industrial actors in Japan as well as globally," says Dr. Martin Edlund, CEO of Minesto. The National Day Sweden during World Expo is coordinated by Business Sweden: "On 14 May 2025, Sweden will celebrate its National Day at Expo 2025 in Osaka, Japan. Under the theme Join Sweden to Pioneer the Possible, the country extends a hand to Japan - and the world - to collaborate in strategically important areas. The day will highlight Swedish innovation, business, and culture, showcasing Sweden's expertise in sustainable and future-proof solutions. The business delegation includes high-level representatives from Swedish partner companies to Expo 2025 Osaka, such as EQT, Saab, Tetra Pak, Volvo, Ericsson, Investor, FAM, Alfa Laval, Autoliv, Bona, HemoCue, Getinge, among others." Official website World Expo 2025:Expo 2025 Osaka, Kansai, Japan Official Website Official website Nordic Pavilion:Nordic Circle For additional information, please contactCecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@ This information was brought to you by Cision View original content: SOURCE Minesto AB
Axios
08-05-2025
- Science
- Axios
Harnessing tidal energy to foster a more sustainable power grid
Tapping into the Moon's energy doesn't require a spaceship — just a bold new approach. Annika Ölme, Chief Technology Officer and Senior Vice President, Technology Development at SKF, discusses the "next space race" and how innovative technologies are already creating opportunities to harness endless energy from the moon's gravitational pull — right here on Earth. 1. The idea: What is the Faroe Islands Space Program? Ölme: The Faroe Islands is a small island nation between Scotland and Iceland in the Northeast Atlantic. There, together with our customer Minesto, we've built a space program unlike any other in the world. The Faroe Islands Space Program competes with global superpowers to harness lunar resources — without ever leaving Earth. Tidal energy, generated by the moon's gravitational pull, offers a renewable and predictable power source. This untapped natural resource holds tremendous potential to support a more sustainable energy future. 2. How it's done: How are you harnessing energy from the moon? Ölme: As the Moon's gravity pulls on the Earth and its oceans, it creates tidal streams. These powerful flows of water generate immense energy. Through innovative technologies and partnerships, we've supported the development of a way to harness this energy — LUNA 12. LUNA 12 transforms the concept of kites. Rather than soaring through the air, it glides through the ocean at speeds up to 16 knots at a depth of ~ 60 meters, driving water through a turbine to generate energy. The wing uses the hydrodynamic lift force created by the underwater current to move the kite. With an onboard control system, the kite is autonomously steered in a predetermined figure-of-eight trajectory, pulling the turbine through the water at a water flow several times higher than the actual stream speed. The turbine shaft turns the generator which outputs electricity to the grid via a power cable in the tether and a seabed umbilical to the shore. 3. The background: Who's behind this innovation? Ölme: The Faroe Islands Space Program is a collaboration between SKF, Minesto, and the Faroe Islands. SKF is the world's largest bearing manufacturer with a commitment to improving energy efficiency and reducing CO2emissions. Minesto is an ocean energy technology developer. The Faroe Islands, along with the inter-municipal community power company SEV, has one of the world's most ambitious energy transition initiatives, aiming to reach 100% renewable electricity by 2030. SKF designed the bearing and sealing systems for the rudders and elevators of the kites, and we collaborated closely with Minesto to optimize the LUNA 12 kite for demanding operational environments. The result is a cost-competitive tidal energy technology poised for large-scale deployment. The initiative underscores the critical role of cross-industry collaboration and knowledge-sharing in accelerating innovation, advancing the shift to renewables and shaping a more sustainable energy future. The Faroe Islands Space Program serves as a blueprint for broader cooperation across sectors. 4. The impact: What's the long-term potential here? Ölme: The Faroe Islands, with its strong political will, unique ocean conditions, and supportive infrastructure, provide an ideal setting to test and scale this groundbreaking technology. Today, LUNA 12 is connected to the Faroese power grid, but as the project is in its pilot phase, electricity production is still in humble volumes. LUNA 12 is the first megawatt-scale kite in operation, delivering a tenfold increase in capacity compared to earlier models. With a rated power of 1.2 megawatts, it could supply enough electricity to power around 200 homes for a full year once fully operational. The next goal is to implement a new 200 MW tidal energy facility. This could meet 40% of the Faroe Islands' expected electricity needs in 2030, providing renewable electricity to the nation's 50,000 people and 70,000 sheep. Today, ocean energy is still a small part of the renewable energy mix. But we've identified at least 3,000 other "Faroe Islands" out there with the potential to harness this technology to generate renewable energy. If they were all to join, moon power could replace all coal power capacity currently under development globally. 5. Looking ahead: What's next for this project and SKF's future innovations? This is just one example of how SKF works with customers to advance new approaches and innovations in energy technology development and across other sectors. We recognize the powerful role we can play in reducing friction in projects and applications worldwide. Anywhere bearings are used, there's an opportunity to enhance efficiency and reduce friction, and we're proud of our innovations across the globe — and beyond — in making that a reality.
Yahoo
30-04-2025
- Business
- Yahoo
Minesto features in internationally broadcast documentary, 'Engineering Tomorrow'
GOTHENBURG, Sweden, April 30, 2025 /PRNewswire/ -- Leading ocean energy developer, Minesto, features in a new internationally broadcast documentary series `Engineering Tomorrow'. Minesto's pioneering underwater kite technology is showcased in the `Ocean Power' episode, selected as one of a few tidal energy technologies to be showcased. From SVT Play - "The ocean's tides could provide a fifth of the world's electricity, and tidal power is more reliable than solar or wind power. But the harsh conditions make it difficult to use machines. Some visionaries have created extraordinary inventions, from an underwater kite to a ship equipped with large rotor blades. If successful, these machines could provide clean, reliable energy to coastal communities around the world." The series is currently available via the following media channels, and will be broadcast in more countries around the world soon. SVT Play, in Sweden - Scheduled to be broadcast on Kunskapskanalen:Wednesday 30 April, 20.30Friday 2 May, 17.30Saturday 3 May, 19.15 Tuesday 6 May, 23.35 SBS, in Australia - For additional information please contact Cecilia Sernhage, Chief Communications Officer+46 735 23 71 58ir@ About Minesto Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling commercial power production from the ocean. Minesto's award winning and patented product is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents. With more than €45 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union's largest investment in marine energy to date. Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales and Taiwan. The major shareholders in Minesto are BGA Invest and Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission. Read more about Minesto at Press images and other media material is available for download via Financial information including reports, prospectuses and company descriptions are available in Swedish at This information was brought to you by Cision The following files are available for download: Minesto Dragon 4 - Towing View original content: Sign in to access your portfolio
