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Minesto secures over $7m for Deep Green

By: Tom Russell 07/03/2017 Minesto

General Tidal

Minesto has closed the subscription period for its TO1 warrant program with 90.7% of outstanding warrants being exercised. This means that Minesto will add approximately SEK 75.2m (EUR 7.9m or GBP 6.83m) in proceeds to the further development of its tidal energy technology Deep Green.

The subscription period was issued in connection with Minesto’s Initial Public Offering (IPO) in November 2015 and ran from 1–28 February 2017. In total, 11,931,743 new shares were subscribed.

“We are delighted that so many have chosen to subscribe to new shares in Minesto”, says Dr Martin Edlund, CEO of Minesto. “This provides Minesto with significant funding, which we will mainly use to the further development of our unique tidal energy technology Deep Green and to our Holyhead Deep project in Wales, where we will install the first commercial-scale power plants.”

The new shares have been delivered to the subscriber's account as interim shares. They will be admitted to trading on First North (NASDAQ) as soon as the issue has been registered with the Swedish Companies Registration Office and Euroclear, which is expected to occur about three weeks after the subscription period's close (28th February).

Minesto recently announced that it intends to expand the commercial roll-out of its Deep Green technology in Holyhead Deep, North Wales by taking steps to increase the planned installed capacity of its tidal energy array to 80MW.

If the project proves successful Minetso, backed with EU funds through the Welsh Government, plans to develop the Holyhead Deep site in three phases as part of a deploy-and-monitor approach. This gradual expansion will see Minesto taking the Deep Green technology from demonstrator to full industrial roll-out in North Wales.

The company submitted a scoping request on the 9th February to the Marine Management Organisation and Natural Resources Wales. The company stated that it was the first step in the process to secure all necessary leases and consents for up to 80MW. Throughout this process, Minesto explained that it will continue to engage all relevant stakeholders on a regular basis. The next stakeholder event is planned to be held in the springtime once the company has received an official response from the consenting authorities.

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Minesto secures over $7m for Deep Green

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