Minesto strengthens market position in Asia - joins forces with renewable energy pioneer Taiwan Cement Green Energy

GOTHENBURG, Sweden, Feb. 27, 2023 /PRNewswire/ -- Minesto, leading ocean energy developer, and Taiwan Cement Green Energy (TCCGE) have entered into a collaboration agreement to pursue tidal and ocean current energy build out in Taiwan. The agreement covers assessments of economic and technical feasibility of selected sites, site development, and applications for feed in tariffs.

The energy transition agenda in Taiwan is ambitious but with significant challenges given the large share of fossils currently relied on (95%) The available ocean energy resource, when matched with the right technologies, opens up an opportunity to move forward rapidly and with higher ambitions. In 2022, a new Ocean Energy electricity feed-in tariff was introduced to support the transition into renewable energy.

"Taiwan Cement is an experienced and successful developer of renewable energy production in Taiwan with a strong focus on pioneering projects and an openness for new technologies. Minesto's Dragons are still in the early stage of commercial deployment and that makes this collaboration even more valuable for us, them and Taiwan," says Dr Martin Edlund, CEO of Minesto.

"Our long-term commitment to Taiwan can finally bear fruit. We are looking forward to working with one of the strongest and most renowned companies in Taiwan to seek synergies in local production and supporting infrastructure, while leveraging on Taiwanese manufacturing and technology strengths," says Dr Yung-Lung Chen, Project Manager of Minesto Taiwan.

"We have a lot to investigate and pursue, that makes it even more important to accelerate development and push forward. We are looking forward to the collaboration," comments William C.L. Weng, President of TCCGE.

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 09:00 CET on 27 February 2023.

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