Flying powerplant under water

Added: 31.8.2019 23:20:11 Views count: 2446

Flying powerplant under water How to turn slow tidal and ocean currents into electricity ...

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Leading marine energy developer Minesto ...

EREVITA Team, 25.10.2019 19:03:21

Leading marine energy developer Minesto has received approval for an EU-funded project aiming at installing the company’s unique renewable energy technology at the grid-connected Paimpol-Bréhat test site in France, operated by the French electric utility company EDF with the support of the Brittany Region. Minesto, as part of a wider EU-funded project called TIGER, will utilise a grant of approximately €2.4 million to manufacture, install and operate Minesto’s marine energy converter DG100 at a grid-connected site off Brittany operated by the electric utility company EDF.

Minesto completes a directed issue of Un...

EREVITA Team, 28.10.2019 22:37:01

Minesto completes a directed issue of Units – raising proceeds of SEK 60 million – and announces subsequent rights issue of Units of SEK 86.5 million The board of directors of Minesto AB (”Minesto” or the ”Company”) has resolved to carry out a directed issue of 4,249,290 Units at a subscription price of SEK 14.12 per Unit (the “Directed Issue”). One Unit contains one (1) share and one (1) warrant to subscribe for shares in the Company no later than April 30, 2021. The issue of Units was subscribed for by an international institutional investor (40 MSEK) with previous experience from investing in clean tech companies as well as Midroc New Technology AB (20 MSEK). Through the Directed Issue, Minesto will receive proceeds amounting to SEK 60 million before transaction costs. In order for all shareholders to receive the same offer and maintain their relative shareholding in the Company, the board of directors of Minesto has also decided to carry out a rights issue of SEK 86.5 million of identical Units as described above. The Company’s largest shareholder BGA Invest AB has undertaken to invest SEK 20 million in the rights issue. “These transactions allow us to accelerate the pace of commercialisation of our product. We secure the capital needed to realise our current public-funded projects as well as other market and product development activities. It also provides us with financial resources for the foreseeable future in order to facilitate the expansion to the first large-scale commercial farms based on Minesto’s technology”, said Dr Martin Edlund, CEO of Minesto.

Swedish marine energy developer Minesto ...

EREVITA Team, 29.10.2019 13:36:42

Swedish marine energy developer Minesto has generated first power from its commercial-scale Deep Green 500kW tidal kite off the coast of north Wales. The company said initial generation was achieved during the second commissioning phase for the device, which is located at a site in Holyhead Deep. Minesto chief executive Martin Edlund said: “This is the first step towards full power production. Our focus now is on enhancements of the power production capacity as we progress with our Holyhead Deep tidal site and other establishments. “We are entering a new era of renewable energy generation and Minesto is at the forefront. The achievements in Wales over the last few months makes us confident that our unique technology can operate in low-flow tidal streams and ocean currents, offering predictability and reliability to the energy mix.” Minesto chief operating office David Collier said the company is concentrating on demonstrating that the technology “works as planned”.

Swedish marine energy developer Minesto ...

EREVITA Team, 30.10.2019 15:19:56

Swedish marine energy developer Minesto AB has renewed the collaboration agreement with National Taiwan Ocean University (NTOU) to explore the potential for Minesto’s Deep Green technology in Taiwan. The renewed collaboration agreement with NTOU's Center for Ocean Energy System (COES) was signed at a ceremony in Taipei by Minesto’s CEO Dr Martin Edlund and Professor Chen-Chou Lin, Director of COES. The collaboration between Minesto and COES builds on a phase-staged approach to go from a joint demonstration project at a test site in Keelung to full-scale ocean deployment of Minesto’s Deep Green technology in Taiwan. It strives to encompass both commercial and research-related objectives such as developing the marine energy market in Taiwan and neighboring countries, as well as studying survivability in typhoon conditions. “We are very pleased to continue our collaboration with COES, who is an influential actor in the field of ocean energy in Asia”, said Minesto’s CEO Dr Martin Edlund. “Taiwan is surrounded by rich ocean energy including continuous ocean currents, which present the opportunity for renewable baseload power production. The ultimate goal of our collaboration with COES is to find a path towards clean and predictable electricity generation based on these currents.” Minesto also had the opportunity to meet with several key industrial actors and governmental bodies within the Taiwanese renewable energy landscape at Energy Taiwan Forum 2019. “It was an enriching experience to network with other stakeholders committed to increasing the stake of renewable energy in Taiwan’s electricity production. We are working hard to cultivate connections and intensify collaborations with these leading players to strengthen the company’s foothold and further the development of our Deep Green technology in Taiwan and beyond”, commented Minesto’s CEO Dr Martin Edlund.

Pareto Securities comments on Minesto: T...

EREVITA Team, 22.11.2019 20:00:06

Pareto Securities comments on Minesto: The company's basic product is a "dragon" that carries a turbine and generator and "flies" in a water flow to generate green electricity. The benefits of marine currents versus wind are many: marine currents are more predictable, more energy-dense (more mass moving), and use minimal land. Minesto's technology adds to this by having a compact design that sweeps over a large area. This makes Minesto's system more efficient than competing stationary systems for marine energy, which means that water flows of less than 2.5 m / s become a financially reasonable resource to extract. In this way, Minesto expands the available resource in marine energy in a significant way. Minesto can thus offer renewable base power for coastal areas in much of the world - and thus a suitable complement to land-based (and intermittent) solar and wind power. The great potential of Minesto's technology has made the company successful in attracting public grants for its development and project activities over the years from various EU bodies, the UK and Sweden. The technology is proven on a quarter scale, and well protected by patents that were first developed when the concept was born within the framework of SAAB's R&D operations 2006-2007. Minesto started its first commercial scale project outside Wales in 2018 and since then a number of additional projects have started. In the Faroe Islands, installations will begin within the next few months to contribute to the islands' goal of reaching 100% renewable energy mix. In Florida and Taiwan, Minesto also has advanced plans to install power plants powered by ocean currents (such as the Gulf Stream), which naturally have great market potential. Minesto guides to reach an installed base of up to 10MW 2022 based on existing projects, with a strong rate of increase thereafter. The company further indicates a long-term potential for the project area in Wales of 80MW and for the project in the Faroe Islands of 70MW. We assume that Minesto can reach installed capacity of 10MW 2022e and 200MW 2025e, and as a result we expect Minesto to report positive cash flow 2022e and profit at EBIT level 2023e. Our DCF model indicates that the company value of SEK 2.9 billion (SEK 22 / share after dilution) and discounted multiples indicate a range of SEK 1.7-3.2 billion. Minesto's current market cap is around SEK 1.7 billion and the share stands at SEK 15. In summary, we see Minesto as a company with good potential to become an established supplier of equipment for producing renewable electricity, a large part of which will constitute renewable base power, which is highly sought after to increase the share of renewable electricity further in many electricity grids.

Today's edition of Swedish newspaper Boh...

EREVITA Team, 23.12.2019 16:20:33

Today's edition of Swedish newspaper Bohusläningen features a report on Minesto and the company’s collaboration with Elitkomposit in Uddevalla, who has been assigned the task of manufacturing the wing and other parts that make up Minesto's first power plant of the company's DG100 model. The first DG100 system will be installed in the Faroe Islands in a pilot project that explores the potential of tidal energy capacity in reaching a 100% renewable electricity mix on the Faroe Islands by 2030. The project is co-funded by the EU (EIC Accelerator) and the Swedish Energy Agency. In the report Minesto's CTO Bernt Erik Westre is interviewed together with representatives of Elitkomposit about the collaboration between the two West Swedish companies and the connection to Minesto's international energy projects and the global transition to renewable energy production.

The Board of Directors of Minesto AB (pu...

EREVITA Team, 27.12.2019 15:51:30

The Board of Directors of Minesto AB (publ) ("Minesto" or "the Company") has decided to amend the terms and conditions of the warrants of Series P0 in the Company. The change means that the subscription period is extended from the end of 31 December 2019 to the end of 30 June 2020. Document: Press release In May 2013, the Board of Directors of Minesto decided to issue warrants of Series P0 to employees of the Company. One (1) P0 warrant gives the holder the right to subscribe for one (1) share in the Company at a subscription price of SEK 5.95. The subscription period for the P0 warrants expires 31 December 2019 and it can be noted that the P0 warrants have not been or are the subject of trading. Of the original volume of a total of 712,000 P0 warrants 168,500 currently remain to be exercised. The majority of these are held by the company's CEO Martin Edlund. The Board finds it to be in the interests of both the Company, its shareholders and the warrants holders to ensure that the incentive of the Executive Management continues to be strengthened. Against this background, the Board of Directors has decided that the subscription period for the P0 options will be extended until 30 June 2020.

Minesto signs PPA with electric utility ...

EREVITA Team, 20.2.2020 21:43:47

Minesto signs PPA with electric utility SEV for utility-scale tidal energy installations WED, FEB 19, 2020 13:12 CET Leading marine energy developer Minesto has signed a power purchase agreement (PPA) with the Faroese electric utility company SEV, advancing the parties’ collaboration to integrate tidal energy in the Faroe Island’s electricity mix. The PPA comprises both the planned installations of two 100kW systems of Minesto’s subsea kite technology and an additional 2MW capacity allocated for installations of utility-scale tidal energy systems in the Faroe Islands. Minesto and SEV has initiated a first phase of collaboration to integrate tidal energy through Minesto’s Deep Green technology in the Faroe Islands, by installing and operating two grid-connected DG100 systems in the Vestmannasund strait. The long-term ambition is a large-scale build out of tidal energy, estimated to approximately 30–70MW installed capacity, as a core energy source in the Faroe grid mix. The Faroe Islands have set a goal of producing their entire electricity need from renewable energy sources by 2030, including transport and heating. The signed PPA comprise a total installed capacity of up to 2.2MW and covers both the initial installations in Vestmannasund as well as the next phase of collaboration between Minesto and SEV, which targets installations of utility-scale systems of at least 1MW rated power. Dr Martin Edlund, CEO of Minesto said: “We are pleased to advance our collaboration with SEV. In the Faroe Islands, we are part of one of the most ambitious energy transition schemes in the world. It is an ideal context to show how ocean energy from our unique technology complements solar and wind power to create a sustainable energy system.” Hákun Djurhuus, CEO of SEV said: “We are looking forward to the introduction of tidal power in the Faroe Islands’ energy mix, and the potential scaleup of capacity by Minesto’s technology. Predictable energy from tidal streams could have great impact on the buildout of electricity generation and storage capacity in the Faroe Islands over the next decade, as we move towards our vision of a 100 percent renewable energy system.”

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Lubomir, 25.5.2021 18:53:23

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Marine energy developer Minesto and its ...

EREVITA Team, 2.4.2020 10:50:42

Marine energy developer Minesto and its collaboration partner, the Faroese electric utility company SEV, has been granted all necessary permits and consents for the installation of two grid-connected tidal kite systems in Vestmannasund, Faroe Islands. The granted permits and consents cover two DG100 tidal kite systems which will be installed in Vestmannasund in a collaboration between Minesto and SEV. Minesto has been granted public funding totalling approx. €3.5 million through the EU’s EIC Accelerator and the Swedish Energy Agency for the implementation of the Vestmannasund project and the development of the DG100 marine energy converter. Earlier this month, Minesto announced that it is carrying out onshore commissioning testing of the DG100 tidal kite system and at the cable landing site in Vestmannasund, onshore infrastructure works are currently underway by SEV to enable the grid connection of Minesto’s kites. In addition, Minesto also announced the establishment of a Faroese subsidiary which will facilitate and further develop ongoing and future installations of the company’s marine energy converters in the Faroe Islands. “We are pleased with the progress made in the joint project, which will pave the way for a significant addition of predictable renewable electricity generation in the Faroe Islands”, said Martin Edlund.

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