Minesto Reports Operational Gains and Upgraded Tidal Power Tech

The company’s Dragon 4 power plant achieved sustained production throughout the summer, following the integration of an upgraded power-take-off system. This technical advancement improved energy output across tidal flow cycles while simultaneously reducing overall system costs. CEO Martin Edlund emphasized that these performance metrics are critical for validating the financial models required to attract further project investment.

Financial statements for the first half of 2026 show an operating loss of SEK 15.4 million, compared to SEK 20.5 million during the same period in 2025. Total operating income reached SEK 11.2 million, primarily derived from capitalized development work. To support its commercial strategy, Minesto has restructured its operations to integrate site installation and maintenance directly into customer delivery projects, utilizing local resources to enhance flexibility in diverse geographic markets.

Strategic growth efforts were bolstered by the appointment of Philippe Kavafyan, a veteran of the international wind and offshore energy sectors, to the Board of Directors. Meanwhile, the firm’s branding efforts gained international attention after its "Faroe Islands Space Program" campaign secured the Grand Prix at the 2026 Cannes Lions International Festival of Creativity. With 800 million impressions to date, the campaign has provided Minesto with significant visibility among global energy investors and decision-makers.