GOTHENBURG,Sweden,Oct. 14,2024 -- In the North Atlantic,leading ocean energy developer Minesto is moving forward with the pioneering build-out of a tidal energy site. The Hestfjord Dragon Farm is a first-of-a-kind tidal energy array with Minesto Dragon 12-kites with a total capacity of 10 MW in a first phase. Following the successful utility-scale installation of the Dragon 12 in Vestmanna and corresponding interest by various parties in the technology,Minesto assigns strategic advisor Ernst & Young (EY) to the unique Dragon Farm Project,with focus on investments.

In the Faroe Islands,Minesto is part of one of the most ambitious energy transition schemes worldwide,where tidal energy can play a significant role in achieving 100% renewable energy by 2030. After months of running a pilot program with two Minesto Dragon kites (Dragon 12 and Dragon 4) connected to the power grid,the technology has reached another milestone. As an initial step towards the proposed 200 MW build-out,the Hestfjord Dragon Farm moves forward in a first 10 MW-phase.

In order to support the project and handle interest from various parties in the technology,Minesto has engaged internationally recognized advisory firm EY to provide hands-on support related to project financing and industrial partnerships. The collaboration has a global scope,with an initial focus on the first tidal energy build-out in the Faroe Islands - The Hestfjord Dragon Farm (10+20 MW).

"Scaling-up of the technology by initiating the Hestfjord Dragon Farm build-out is a major milestone for Minesto in providing commercial-scale tidal energy. It's of great value to have support of the EY team to help in discussions with various interested parties when it comes to financial and/or commercial partnerships," said Dr Martin Edlund,CEO of Minesto.

The site development activities in Hestfjord are ongoing and include resource modelling and assessment,detailed site optimisation,grid connection,environmental assessments,and monitoring. In addition,recent upgrade of local onshore electric distribution grid will be able to accommodate the needs of the Hestfjord tidal farm.

In the next phase,the permit and license applications will be completed,and an investment consortium will be formed to undertake the final site development and installation work.

For additional information,please contact:

CeciliaSernhage,Chief Communications Officer

+46 735 23 71 58

ir@minesto.com

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Minesto tidal energy array project The Hestfjord Dragon Farm