Minesto initiates collaboration with experienced local tidal site developer in the Philippines

Minesto, leading ocean energy developer, signs today a collaboration agreement (MoU) that outlines goals, roles, and responsibilities of a strategic collaboration with experienced Philippines-based tidal project developer, Poseidon Renewable Energy Corporation.

GOTHENBURG, Sweden, Feb. 1, 2023 /PRNewswire/ -- The Philippines is one of the largest markets for deployment of tidal and ocean current energy farms and the need for renewable electricity is increasing with both economic development and new ambitious goals for increased share of renewables in the energy mix.

In late 2022, changes in legislation were made to facilitate and promote a shift in the energy mix towards more renewable energy development with higher foreign investment involvement. Leveraging on the legislation improvement, Minesto has signed a Memorandum of Understanding with Filipino tidal site developer, Poseidon Renewable Energy Corporation, with the intention to collaborate on establishing tidal energy with Minesto's technology in the Philippines.

In addition to extensive market-leading experience in tidal site identification and development in the Philippines, Poseidon Renewable Energy Corporation is also very well-connected in key local areas. The tidal site developer holds several existing site permits and is locally well-established in areas of specific interest for tidal energy generation. This creates a mutual opportunity to shorten time-to-market and project risks related to environmental consenting and permitting.

"We believe that the experience, local commitment, and entrepreneurial spirit of Poseidon Renewable Energy Corporation makes them a perfect match with Minesto and our ambition to lead tidal energy build-out in one of the world's largest tidal energy markets in Southeast Asia," comments Dr Martin Edlund, CEO of Minesto.

Salvador Tan, CEO of Poseidon Renewable Energy Corporation says, "Ocean energy has been largely untapped in the Philippines despite the apparent potential of the power source because of the scarcity of available technologies. Minesto and Poseidon will soon change that and finally unlock the promising ocean power."

For additional information please contact

Cecilia Sernhage, Communications Manager
+46 735 23 71 58
ir@minesto.com

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on 1 February 2023.

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