Minesto's Dragon-Class Technology: A Step Closer to Commercial Tidal Energy

Minesto, a leading marine energy technology company, has received a significant boost to its investment case with the successful completion of an independent technical review of its Dragon-class technology. Conducted by DNV, a world leader in technology assessments and certifications, the review validates the scalability and commercial readiness of Minesto's innovative tidal energy solution.

The review, based on full disclosure of technical data and comprehensive documentation, supports Minesto's plan for a first 10MW array build-out in the Faroe Islands. This endorsement from an independent, trusted source strengthens Minesto's investment case and demonstrates the technology's potential to reach competitive cost of energy (LCOE) levels. The low system weight and unique, efficient installation and handling procedures of the Dragon-class technology contribute to its commercial viability.



Minesto's CEO, Dr. Martin Edlund, expressed his satisfaction with the review's findings, stating that the conclusions and quality of the review performed by DNV are of great value in satisfying the need for input from independent trusted sources on risks and commercial readiness. The review also provided guidance on potential risks and suggestions for areas of improvement, which have been incorporated into Minesto's development agenda.

The Faroe Islands, with its ambitious energy transition scheme aiming for 100% renewables by 2030, is an ideal location for Minesto's tidal energy projects. The successful review of Minesto's technology-readiness supports the company's plan for a first 10MW array build-out in the Faroe Islands and the potential for reaching competitive LCOE levels. This is a significant milestone for Minesto and the broader marine energy industry, as it paves the way for commercial-scale tidal energy projects.

In conclusion, the independent review of Minesto's Dragon-class technology by DNV is a testament to the company's commitment to innovation and its potential to contribute to the global energy transition. With the successful completion of this review, Minesto is one step closer to delivering commercial-scale tidal energy projects and helping to minimize the global carbon footprint of the energy industry.