en.Wedoany.com Reported - Swedish tidal energy technology company Minesto achieved dual progress in market and technology development in the first quarter of 2026. In January, the company was selected for the European Investment Bank (EIB) Project Development Assistance (PDA) program, receiving in-depth investment advisory support. This program provides free financial advice for a select few investment opportunities in the EU renewable energy sector. Minesto's selected project is a new 10MW Dragon Farm (tidal energy array) targeting EU waters, aiming to enhance the investment proposal's attractiveness through EIB financial advisory services and raise €25 million in funding.
Minesto received €24,000 in funding from the Swedish Energy Agency (SEA) through the Global Innovation Accelerator (GIA) program to accelerate market development in Taiwan. As part of the program, the company officially participated in the Nordic-Taiwan High-Level Forum on Sustainable Energy held in Taipei in December. The company also initiated a partnership with Haf-Afl, a specialized marine energy site developer, to include the Icelandic market in its active expansion efforts, formalized through a memorandum of understanding.
In product testing, Minesto continued its Dragon testing operations in Vestmanna. The microgrid-scale power station Dragon 4 (100 kW) has been installed and is supplying power to the Faroe Islands grid, providing data for a forthcoming microgrid installation partially funded by the Swedish Energy Agency. The tidal energy kite Dragon 12 (1.2 MW) was successfully recovered from the Vestmannasund waters after operating underwater for 10 months. This megawatt-scale unit, having demonstrated robustness beyond commercial service intervals, has been brought ashore for inspection and maintenance.
Financial data shows that for the period from January 1 to March 31, 2026, the Group's total operating revenue was SEK 5,619 thousand (SEK 6,298 thousand in the same period last year), primarily consisting of capitalized development work, with net sales at zero. The operating loss was SEK –7,065 thousand (SEK –10,697 thousand), with the negative result mainly attributable to business development and administrative costs related to technology development. Intangible fixed assets at the end of the period were SEK 581,541 thousand (SEK 553,664 thousand), including capitalized development costs of SEK 563,118 thousand and capitalized patent costs of SEK 18,423 thousand. Grants recognized during the period amounted to SEK 2,137 thousand (SEK 246 thousand), offset against the acquisition value of capitalized development costs. Cash flow for the period was SEK –17,516 thousand (SEK –24,317 thousand), with cash and cash equivalents at SEK 50,081 thousand (SEK 10,334 thousand). Equity stood at SEK 623,478 thousand (SEK 557,716 thousand), divided into 260,111,612 shares (194,116,040 shares), with a loss for the period of SEK –6,886 thousand (SEK –10,843 thousand).
CEO Dr. Martin Edlund stated that the company's market development strategy, based on a broad approach, is unfolding. This strategy matches local partners, renewable energy policy environments, and site resource conditions, and is nearing the establishment of active collaborations with property developers and utility partners in up to twenty markets. Apart from the Faroe Islands and Wales, the company's role in other markets is to support local participants by providing Minesto's operational parameters and feasibility study inputs. Current macroeconomic volatility is accelerating market development activities. On the product side, Dragon 4 continues to generate power stably, preparing for battery charging and adapting to a new upgraded generator with a 50% power increase. Inspection after the safe removal of Dragon 12 indicates the unit is functioning normally, which will bring new knowledge regarding service requirements and design upgrades. Cost reduction measures implemented in 2025, focused on business development, are now fully in effect and impacting cash flow as expected.
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