Photo: Illustration (Courtesy of Minesto)

Minesto shrinks interim loss

Swedish tidal energy developer Minesto has reported smaller net loss for the first nine months of fiscal year 2020 compared to the same period a year earlier.

Illustration (Courtesy of Minesto)

The company has recorded a net loss of $1.07 million (SEK 9.4 million) from the start of 2020 until September 30, in contrast with the same period a year earlier when Minesto marked a loss of $1.25 million (SEK 10.9 million).

The total operating income for the first nine months of 2020 amounted to $3.78 million (SEK 33 million), which is a slight increase from $3.25 million (SEK 28.5 million) Minesto reported for the period in 2019.

Swedish developer’s operating loss also shrunk to $1.08 million (SEK 9.47 million), from $1.76 million (SEK 15.4 million) posted in the first nine months of 2019.

The negative result is largely attributable to business development and administration related to technology development and includes, among other things, personnel costs, rents, and services, according to Minesto.

Martin Edlund, Minesto’s CEO, said: “The installation activities during the summer showed good progress towards the realisation of cost-effective procedures for the installation and maintenance of Minesto’s power plants. We are now looking forward to demonstrate the commercial viability of our technology and the customer values that this product creates”.

To remind, in the beginning of September, Minesto revealed plans to continue commissioning activities in its tidal energy project in Vestmannasund, Faroe Islands in mid-October.

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At the same time, Minesto also announced that the company has verified the area for the first proposed array installation of its tidal kite technology in the Faroe Islands.