Announcement • Aug 13
Minesto Implements Organisational Changes To Enhance The Commercial Readiness Of Its Service Offering Minesto AB announced organisational changes to enhance the commercial readiness of its service offering. Site installation and operations (installation and handling) will be managed through customer delivery projects, such as the Vestmanna Site Project, relying on Minesto's proprietary and proven methods and technology, but primarily delivered by external and local resources to enhance flexibility and efficiency. Technology development related to Operations methods and tools will be integrated into Product Development led by Chief Technology Officer, Bernt Erik Westre. Minesto AB implements organisational changes to further strengthen the company's ability to execute commercial projects and to further improve the product sales offer related to Dragon-technology installation and handling - a core aspect of Minesto's product sales offer. Building on the organisational transformation completed in 2025, Minesto AB continues to adapt its structure to the evolving needs of the business and the growing opportunities for Dragon-class tidal energy installations in multiple international markets. Operations Development - development of methods and tools for installation and maintenance - will be integrated into Product Development, under the management of Chief Technology Officer Bernt Erik Westre. This brings operational aspects fully into product development, supporting continued technology optimisation, efficient project execution, and accelerated commercial deployment. Operations both onshore and offshore at tidal energy production sites will be managed through site development projects, including the Vestmanna site in the Faroe Islands, for handover to customer site operations. Bespoke tools, know-how and methods for development, build and operation of a Dragon farm remains an integral part of the business with the site in Vestmanna as the development and training hub. This project-based approach enables greater flexibility and efficiency in integrating local and external resources to adapt to customer and site requirements. At the same time full integration of Operations Development into Product Development improves the total product offer to customers by integrating the service business based on spare-parts, tools- and methods for kite maintenance. Announcement • Aug 10
Minesto Announces Dragon 4 Power Plant Upgrade and Sets Electricity Production Record Minesto announced that the Dragon 4 power plant, upgraded with a new power-take-off (PTO) system that improves energy production throughout the tidal flow cycle, has delivered record breaking electricity generation over the summer in Vestmannasund, Faroe Islands. Minesto's microgrid-scale power plant Dragon 4 has generated record breaking electricity production over the summer in Vestmannasund, Faroe Islands. The tidal flows in Vestmanna have proven to be stronger than historically modelled and anticipated, creating additional potential for energy production. Combined with the enhanced hydrodynamic efficiency of Minesto's second-generation kite technology, the Dragon Class, this meant that the original power-take-off system did not fully capitalize on the inherent potential. In response, Minesto's engineering team developed a more powerful PTO. This upgraded PTO system has successfully demonstrated improved energy production throughout all tidal flow cycles while simultaneously reducing system costs. The graph below/attached is a power production graph comparing daily energy production from the Dragon 4 power plant before and after the upgrade. The published power production data illustrates stable generation that closely follows the intensity of the tidal currents in Vestmanna at the production site. Both curves are produced by our Dragon 4 "Saga" in Second Quarter and Third Quarter this year, the only hardware difference is the PTO. With the results from this upgrade, we claim to have demonstrated the most efficient tidal energy power plant in the world in terms of energy conversion performance, proven over several months of production. The production performance is fully in line with our simulation models, further validating our ability to specify power plant configurations that maximize energy extraction at a given site. The know-how and technology we have built over the years in integrating a power-take-off system into our unique Dragon systems has been hard-earned. The demanding and dynamic operating conditions created by tidal cycles and ocean environments make this expertise truly unique. With this new proven performance level, the commercial value of our intellectual property related to Dragon hardware and software has multiplied over the summer. 
