Minesto launches tidal array build-out plan, empoweringFaroe Islands towards 100% renewable energy

Minesto launches tidal array build-out plan, empoweringFaroe Islands towards 100% renewable energy

Leading marine energy developer Minesto has launched a detailed plan for large-scale
build-out of tidal energy arrays in the Faroe Islands. The plan includes four new verified
sites that would supply 40% of the nation’s growing electricity consumption, enabling the
Faroe Islands to reach its policy goal of 100% renewable energy by 2030.

Together with utility company SEV, Minesto has presented the plan to a wide range of policy and local community stakeholders – including the Prime Minister and Minister of Environment,
Industry and Trade – and it has been received very positively.

The large-scale build-out 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 120 MW tidal
energy, generating an estimated 350 GWh per year, the arrays would supply 40% of the
Faroe Islands’ growing electricity consumption.

“We’re very pleased with the outcome of the joint presentation tour together with SEV, and the
interest and positive response of our build-out plan. In our dialogue with the Faroese community, all key aspects of full integration of Minesto’s tidal technology into the islands´ energy system have been covered. This includes environmental permitting, legislation for sea-bed access, local partnerships regarding port-access, manufacturing, and funding”, said Martin Edlund, CEO of Minesto.

During 2022, the first step is to expand the existing grid-connected site in Vestmannasund,
establishing a mini array with three systems at a total installed capacity of 1.4 MW. The
second step, planning and permitting ongoing, is a 10 MW array in Hestfjord, with direct
electricity distribution to nearby capital Torshavn. After that further build-out of Hestfjord
will follow, as well as stepwise build-out of Leirviksfjord, Skopunarfjord and Svinoyarfjord. In
total, this makes it possible to deliver a cost-effective path to 100% renewable energy by

As every nation seeks to secure a clean, reliable, and independent energy system, there’s a
rising need for complementary components such as energy storage and predictable
production of energy. The Faroe Islands have one of the world’s most ambitious schemes for
green transition, where tidal energy can be crucial to balance the seasonal variations and
unpredictability of wind and solar.

“If we can unlock the potential of tidal energy in the Faroe Islands, in both economic and
technical terms, to deliver predictable energy to the Faroese energy system, it can disrupt the
energy mix in the islands. A diversified renewable energy mix, including tidal energy, can lower the total installed capacity and the need for energy storage”, said Terji Nielsen, head of SEVs R&D department.

Furthermore, the phase shift of the tidal flows in the different fjords provides valuable
flexibility and a continuous supply of electricity into the grid. This approach reduces the
investment significantly.

“As we’re in the forefront of creating a completely new industry, where we intend to add
predictable tidal energy to the global energy mix, we’re thrilled to support the Faroe Islands in
their explorative and ambitious journey towards a balanced energy system”, said Martin Edlund.

“We’re a small country, but we’re a complete country. We are small scale but full scale. We can
lead the way also for other island and coastal communities. We are looking forward to this
journey together, still a lot of work remains, but very promising”, said Hákun Djurhuus, CEO of

Press contact
Cecilia Sernhage, Communications Manager
+46 735 23 71 58

About Minesto
Minesto is a leading marine energy technology company with the mission to minimise the
global carbon footprint of the energy industry by enabling commercial power production
from the ocean.

Minesto’s award winning and patented product, Deep Green, is the only verified marine
power plant that operates cost efficiently in areas with low-flow tidal streams and ocean

With more than €40 million of awarded funding from the European Regional Development
Fund through the Welsh European Funding Office, European Innovation Council and
InnoEnergy, Minesto is the European Union’s largest investment in marine energy to date.

Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales,
Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and
Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North
Growth Market. Certified Adviser is G&W Fondkommission, email: ca@gwkapital.se,
telephone: +46 8 503 000 50.

Read more about Minesto at www.minesto.com

Financial information in English, including reports, prospectuses, and company descriptions,
is available at www.minesto.com/investors.

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