Minesto

Minesto is a spin-off from Swedish aerospace manufacturer Saab that focuses on commercializing marine energy using “Deep Green” technology. This technology generates electricity from low-flow tidal streams and ocean currents by a unique and patented principle similar to a kite flying in the wind. 

The wing uses the hydrodynamic lift force created by the underwater current to move the kite. An onboard control system then autonomously steers the kite in a figure-eight trajectory to pull the turbine through the water several times faster 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.

Minesto’s technology has been undergoing extensive development. In 2020, Minesto successfully achieved the milestone of delivering electricity to the Faroes Islands’ power grid. In September 2021, the company introduced its new range of power plants – the Dragon Class – an upgraded design of the company’s Deep Green technology. 

In 2022, Minesto successfully commissioned the first power plant from the Dragon Class product line in Vetmannasund, Faroe Islands. Following this, in March 2023, the company generated its first electricity from Dragon 4, its 110 KW power plant. In February 2024, Minesto’s first utility-scale tidal power plant, Dragon 12, delivered its first electricity to the national grid in the Faroe Islands. Dragon 12 is a 12-meter wide and 28-ton heavy subsea kite that produces 1.2 MW of energy. The company intends to scale up its operations in the Faroe Islands to seven site locations, reaching a total of 200 MW.

Key customers and partnerships

In December 2022, Minesto signed a long-term lease agreement with the Vestmanna municipality and Faroese utility company for port access to a 2,050 m² site in the inner harbor of Vestmanna. During the same month, Minesto signed a Memorandum of Understanding (MoU) with the regional Eco Regions Indonesia, and a Letter of Intent (LoI) with the Nusa Tengara Barat (NTB) region, to carry out feasibility studies for its technologies. 

In January 2023, Minesto received its first sales order for site development services for Dragon Class tidal energy powerplants from a company operating in the offshore energy sector in Asia. In February 2023, Minesto partnered with Taiwan Cement Green Energy (TCCGE) to pursue tidal and ocean current energy build out in Taiwan. During the same month, the company partnered with Poseidon Renewable Energy Corporation to establish tidal energy with Minesto’s technology in the Philippines. In March 2023, Minesto contracted Leask Marineto to install a drilled foundation anchor for the first Dragon 12 kite system in Vestmanna, Faroe Islands.

In March 2024, Minesto signed Hydrokite Project Development as a local business partner to strengthen market activities in Australia and New Zealand. During the same month, the company was selected for the BAPSEA (Business Acceleration Programme Southeast Asia) acceleration program to strengthen its business capabilities in the region.

Funding and financials 

Minesto’s latest funding was in February 2024, when the company was awarded a SEK 2.8 million (~USD 263,000) grant by the Swedish Energy Agency to support development and testing of its next-generation mooring system.

In November 2015, Minesto was listed on the Nasdaq First North stock exchange, raising EUR 14 million (USD 17 million) in its IPO.