Minesto ends first half of 2023 with increased net loss, plans to focus on large-scale sales

Swedish marine energy company Minesto has published its half-year report for 2023 with an increased net loss when compared to the first half of 2022.

Illustration/Minesto's Dragon 4 (Courtesy of Minesto)

The company reported a net loss of SEK 9.78 million (around $902,000) as opposed to SEK 7.7 million (€727,000) recorded for the same period in 2022.

Total operating income amounted to SEK 25 million ($2.3 million) in contrast to SEK 23.5 million (€2.2 million) for the same period in the previous year.

Operating loss for the period was SEK 13.2 million ($1.2 million) which for the first half of 2022 was SEK 10.4 million (€982,000).

According to Minesto, the negative result is largely attributable to business development and administration related to technology development and includes costs such as personnel and consultants.

At the end of the reporting period, the company’s equity amounted to SEK 540 million ($49.8 million).

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Referring to the second quarter, Martin Edlund, CEO of Minesto, said the company will further accelerate its focus on driving large-scale, project-based sales of tidal energy arrays, where reference installations of its smaller power plant Dragon 4 are the key to long-term business.

At the end of May, Minesto initiated the installation of the first megawatt-unit, Dragon 12 (1.2 MW). The first phase of the offshore installation of Dragon 12 was completed in Vestmanna, Faroe Islands and the 3.4 km main subsea cable was laid on the seabed, from the onshore grid connection point to the offshore installation node.  

At the beginning of June, the company announced the appointment of a new Chief Financial Officer (CFO), Gustav Kvibling. Minesto also expanded its Executive Team from four to seven members, to meet the requirements of the growing activities.

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