Minesto and SEV strengthen partnership for tidal energy build-out in the Faroe Islands

Minesto and SEV strengthen partnership for tidal energy build-out in the Faroe Islands

Press Release

Minesto, leading ocean energy developer, and SEV, Faroese utility company, have renewed
and expanded the collaboration agreement outlining respective roles and responsibilities
related to tidal energy build out in the Faroe Islands, including the ongoing electricity
production in Vestmannasund and the first large scale tidal array in Hestfjord.

An important add-on to the extended agreement stipulates the exclusive nature of the
collaboration regarding the Hestfjord site development and build-out. This aspect facilitates
and supports the ongoing work to create an attractive investment and the set-up of a
Special Purpose Vehicle (SPV) to funnel project investments, Power Purchase Agreement
(PPA), potential public funding (e.g., EU) and other assets.

The agreement also outlines the expanded operation at the existing Vestmanna production
site. Minesto recently completed the Dragon 4 site with a second subsea foundation and
additional electrical infrastructure. Installation work onshore for the 1.2 MW Dragon 12 is
performed in parallel.

The collaboration is based on sharing of production and performance data from ongoing
operations as well as in-depth analysis of site characteristics of the existing and planned site
locations for joint business case assessments.

“Strengthened and extended collaboration with the utility company SEV is a corner stone for
Minesto in creating one of our first tidal energy arrays. SEV’s role as a pioneer customer,
infrastructure provider and obvious leading local actor is highly appreciated and valued,” says Dr
Martin Edlund, CEO of Minesto.

“Minesto has shown a strong commitment to the Faroe Islands operations and the technology is
in steady progress. We are looking forward to the upcoming scale-up of the dragons as well as
continued site development work in Hestfjord.” says Hákun Djurhuus, CEO of SEV.

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU

Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of

the contact person set out above, at 13:30 CET on 23 January 2023.

For additional information please contact
Cecilia Sernhage, Communications Manager
+46 735 23 71 58

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