Minesto's CEO Dr Martin Edlund today (March 22) comments on the ongoing Rights Issue. In addition, Martin Edlund is taking part in today's episode of podcast "Aktiepodden" by Aktiespararna, where he talks about the company and answers questions related to the Rights Issue.
CEO comment:
We are now conducting a Rights Issue to strengthen Minesto's development agenda. The subscription period is ongoing and ends on 2nd April 2024. Complete information is available in the Prospectus on our website (Prospectus is available in Swedish only).
The Rights Issue is guaranteed to approximately 83%, which gives us with the opportunity to focus on business development and secure delivery capabilities for both site projects and power plants.
We at Minesto have had an intense year behind us, which in February resulted in reaching a crucial strategic milestone in the form of the successful installation and connection of our large power plant, Dragon 12, to the grid in the Faroe Islands.
The energy industry and exploration of new natural resources for energy production entail long lead times and the need for significant early market investments. Minesto owns a world-unique and functioning technology that opens a completely untapped natural resource in the form of the ocean currents of the world's oceans. It creates enormous opportunities, but also places high demands on our technology, and on us as well as an organization since entry deals become capital-intensive projects worth hundreds of millions of Swedish kronor.
The fact that we have now realized and continue to demonstrate the technology on a "megawatt scale" allows for buildout of complete production arrays, something that our commercial partners around the world have been looking forward to. In addition, our ability to technically, operationally, and commercially establish new powerplant projects is established. We have better conditions than ever to achieve our clear goal of securing the first major deals and bringing Minesto into a growth phase together with industrial partners and investors in large-scale renewable energy projects.
We will continue to broaden and enrich collaborations with existing and prospective partners. We are already building investment cases for tidal energy arrays together with local actors in numerous locations around the world, with additional opportunities identified. We are in technical and commercial due diligence processes by utility companies, project developers, and new potential industrial partners; and are now getting industry recognition through invitations into the inner circles where the global energy transition is planned and driven. And it is all coming to fruition now.
Therefore, we now have a fantastic opportunity to convert a capital injection into industrial and commercial values for the company. The expectations of us from owners and other stakeholders to achieve a commercial breakthrough are justifiably high, and it is up to us as a company to live up to it.
Martin Edlund, CEO of Minesto
