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Minesto
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Short description

Developer of commercial power production from low velocity tidal and ocean currents

Founded in 2007
Founded in

Company type Public Public (MINEST)
Company type

Industry Group energy & power

Sector hydro & marine

TRL Range 4-6
TRL 1 Basic research
TRL 2 Technology formulation
TRL 3 Applied research
TRL 4 Small scale prototype
TRL 5 Large scale prototype
TRL 6 Prototype system
TRL 7 Demonstration system
TRL 8 First of a kind commercial system
TRL 9 Full commercial application
TRL Range

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Headquarters Sweden Goteborg, Sweden
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Updated by Ruiqi Lee at Minesto AB on 08/22/2019

Edited by Cleantech Group on 12/07/2022

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Date Company
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Date Partner Type
01/24/2023
SEV SEV
The pair have renewed their collaboration agreement related to tidal energy build out in the Faroe Islands, including the ongoing electricity production in Vestmannasund and the first large scale tidal array in Hestfjord.
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Confirmed by SEV
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IPO INFORMATION

Date

11/09/2015

IPO status

Listed

IPO Type

IPO

Amount

$10.72M

Initial shares

17000000

Ticker symbol

MINEST

Exchange listed

NASDAQ OMX NORDIC

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Description

The funds from the issue, EUR 10 million plus a possible overallotment of an additional maximum of EUR 1.8 million, will be used to finance the commercialisation of the Deep Green. The main owners, Midroc New Technology and BGA Invest, has committed to subscribe for shares for approximately EUR 6,3 million in the issue and the remaining EUR 3,7 million is secured through a guarantee consortium syndicated by G&W Fondkommission. First day of trading has been the 9th of November 2015.

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Date Investors Type Amount
02/07/2024 Swedish Energy Agency Swedish Energy Agency (1)
Post-money valuation of
Funding will support development of mooring systems for tidal kites.
Grant $264,633
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Deep Green

Deep Green, resembling an underwater kite, is a power plant which produces electricity from low velocity tidal and ocean currents.

 Product Development Products - Retail
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