Minesto is a marine energy technology developer, founded in 2007 as a spin-off from Swedish aerospace manufacturer Saab. Since then, Minesto has successfully developed its unique ocean energy technology. The company has operations in Sweden, Wales, the Faroe Islands, Northern Ireland and Taiwan, with headquarters in Gothenburg, Sweden. Main owners are BGA Invest and Corespring New Technology. The Minesto shares are listed on the Nasdaq First North Growth Market in Stockholm.
In the Faroe Islands, Minesto is part of one of the world’s most ambitious energy transition schemes – to reach 100% renewable energy by 2030. Collaborating with local electric utility company SEV, Minesto is working to pave the way for tidal energy to become a core part of the Faroese energy mix. Minesto and SEV have a collaboration agreement including a power purchase agreement, through which SEV commits to purchase the electricity generated by Minesto’s tidal kite systems.
In 2023, Minesto announced a detailed plan for large-scale buildout of tidal energy arrays in the Faroe Islands. The large-scale buildout plan sets out a stepwise installation of tidal kite arrays, each with 20-40 MW installed capacity, at four verified locations. In addition to Minesto’s existing grid-connected site in Vestmannasund, the company points out Hestfjord, Leirviksfjord, Skopunarfjord and Svinoyarfjord as ideal arrays. With a total capacity of 200 MW tidal energy, generating an estimated 400+ GWh per year, the arrays would supply 40%+ of the Faroe Islands’ growing electricity consumption.
Project TRL: TRL 9 - Actual system proven through successful mission operations
Main sector: Blue renewable energy