Project Update Vestmanna - A month of continuous production at record levels and tether upgrade ongoing

GÖTEBORG, Sweden, March 7, 2023 /PRNewswire/ -- Minesto, leading ocean energy developer, continues the operation of tidal energy power plants at the grid-connected site in Vestmanna, Faroe Islands according to plan. The 100-kW tidal power plant Dragon 4 has delivered the highest total production volume for a continuous month of operation at the beginning of the year. An upgraded tether that is set out to further improve the output of the system is now being implemented.

In 2023, the 100 kW Dragon Class tidal power plant in Minesto's grid-connected site in Vestmanna has delivered the highest total production volume for a continuous month of operation, as well as increased peak output levels. Power production follows the four tidal cycles per day with generation reaching up to 200 kWh per tide.

The offshore infrastructure completed in December 2022 to double capacity is online and awaiting installation of the second 100 kW Dragon Class kite. This dual set-up offers parallel long-term production and configuration testing, which will commence with the introduction of an upgraded tether that will contribute to improvement to the system's output - primarily from an annual production volume perspective. This tether upgrade is being implemented as a part of the ongoing Tether Optimization project in collaboration with Swedish Energy Agency.

"We are where we need to be to provide valid evidence of yearly production yield for Dragon Class systems suitable for our first targeted arrays in Hestfjord and other locations. Our understanding of how to match a tidal site with a certain kite configuration is now solid," says Dr Martin Edlund, CEO of Minesto.

For additional information, please contact

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

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