GOTHENBURG, Sweden and VÄSTRA GÖTALAND, Sweden, Nov. 27, 2025 /PRNewswire/ — CEO Dr Martin Edlund:”Minesto moves forward with a funded and reinforced action plan for commercial breakthrough.”
Significant events July-September 2025
In July Minesto announced a reorganization over the last year was completed, resulting in readiness to deliver commercial projects and reduced fixed costs. Reshaping of the organization include relocation geographically, management team set-up and product development focus. The completed reorganization resulted in a reduction of fixed costs by approximately 35%.
In August the company appointed new CFO, Alexander Jancke, strengthening the business development agenda with start October 2025. Former CFO Gustav Kvibling leaves his position to pursue opportunities outside the company.
Together with project partners Sev, Capture Energy and IVL, Minesto completed a planning and project set-up workshop for the 25 MSEK Microgrid Project awarded by Swedish Energy Agency. In parallel with the project, Minesto has added an integration of two local end-user applications of tidal energy in the Faroe Islands to strengthen customer involvement.
On 16 September 2025, Minesto announced that the Board of Directors, conditional on the subsequent approval of an extraordinary general meeting, had resolved on a rights issue of shares of approximately SEK 152.4 million. The subscription price was determined to SEK 1.85 per share. Minesto received guarantee commitments subject to customary conditions which, in aggregate, amount to SEK 99.0 million, corresponding to approximately 65.0 percent of the Rights Issue.
After the end of the period
On 28 October, Minesto announced the outcome of the company’s rights issue of up to 82,364,595 shares. 33,436,356 shares, corresponding to approximately 40.6 percent of the Rights Issue, had been subscribed for with the support of subscription rights. Additionally, applications for subscription of 575,828 shares, corresponding to approximately 0.7 percent of the Rights Issue, had been received for subscription of shares without the support of subscription rights. In aggregate, the subscriptions with the support of subscription rights and the applications for subscription without the support of subscription rights correspond to approximately 41.3 percent of the Rights Issue. Hence, guarantee commitments of 19,501,329 shares, corresponding to approximately 23.7 percent of the Rights Issue, will be utilized. The Rights Issue provides the company with proceeds of approximately SEK 99.0 million before deduction of costs related to the Rights Issue.
On 30 October, Git Sturesjö Adolfsson resigned as a member of the Company’s Board. Deputy Board Member Andreas Gunnarsson assumed her position.
The Board of Directors resolved to allow Fenja Capital to set off its outstanding loan claims, including accrued interest, totalling approximately SEK 22.2 million as payment for part of the shares that Fenja Capital has been allocated and subscribed for in the Rights Issue.
On 8 October, Minesto invited investors and the public with an interest in technology and energy systems to a unique opportunity to experience firsthand the tidal energy kite Dragon 4 “Íðunn” as she was brought home for a break from production duty at the company’s demonstration site in the North Atlantic where it produces electricity to the Faroe Islands grid. The event attracted around 150 guests, presentations are available on the company’s youtube channel.
In October, Minesto was part of a high-level Swedish delegation to South Korea aiming to explore new partnerships and strengthen bilateral collaboration in the green transition. The delegation was led by HRH Crown Princess of Sweden and supported by Swedish minister for Foreign Affairs and Swedish minister for Infrastructure and Housing. The delegation was part of Focus Asia – Sweden’s strategy for trade and investment in the region. Extensive tidal and ocean current resources make South Korea a highly attractive market for Minesto.
In November, Minesto participated in high-level Swedish business delegation to Canada in connection with the royal couple’s state visit. The delegation, led …