Minesto

What Minesto does

Minesto AB (publ) is a Swedish marine energy technology company founded in 2007 as a spin-off from Saab, headquartered in Västra Frölunda, Gothenburg, and listed on Nasdaq First North Growth Market since November 2015 (ticker MINEST). The company develops and manufactures subsea kite systems under the Dragon Class product line that generate electricity from tidal streams and ocean currents using a patented figure-of-eight flight principle. The flight pattern multiplies the kite's relative speed through water compared with the underlying current, enabling cost-effective operation at flow velocities as low as 1.2 m/s and producing hardware that weighs up to 15 times less per MW than competing tidal technologies. The product portfolio comprises the Dragon 4 (100 kW) for microgrid and off-grid applications and the Dragon 12 (1.2 MW) for utility-scale subsea parks, complemented by Site Development Services and Operations, Service & Maintenance offerings. The company's intellectual property base spans 92 patents in 12 patent families, and it operates regional entities in the United Kingdom (Holyhead), Faroe Islands (Vestmanna), and Taiwan (Taipei).

Minesto's business model combines direct hardware sales of kite power plants to utilities and project developers with associated services and a geographical licensing approach for partner-led market entry. Customers and partners include Faroese utility SEV under a power purchase agreement, Taiwan Cement Green Energy, National Taiwan Ocean University, Haf-Afl in Iceland, and a microgrid consortium with Capture Energy and IVL. Revenue is generated on a project basis with multi-year contracts and bespoke site-specific engineering; pricing is not publicly disclosed. FY2025 reported zero net sales with total operating income of SEK 27.1 million (predominantly grants) and an operating loss of SEK 34.7 million, placing the company firmly in pre-commercial scaling rather than recurring revenue. Capital structure has been sustained primarily through EU, Welsh, and Swedish public grants (cumulatively exceeding EUR 35 million), a SEK 22 million Fenja Capital loan in June 2025, and an October 2025 rights issue raising approximately SEK 99 million. Strategic positioning targets utility-scale baseload renewable generation, remote island and microgrid applications, and aquaculture off-grid supply, with active project development in Wales (80 MW Holyhead Deep expansion), the Faroe Islands (200 MW planned build-out supplying 40% of national electricity), Taiwan (Keelung and Green Island), Iceland, and an EIB-supported 10 MW Dragon Farm in EU waters.

Name

Minesto

Legal name

Minesto AB

Website

https://minesto.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

Minesto is a Swedish marine energy technology company that designs and manufactures subsea tidal kite systems (Dragon 4 and Dragon 12) to generate predictable renewable electricity from tidal streams and ocean currents, serving utilities, project developers, and remote island microgrid customers across Europe and Asia.

Ownership category

akta.pro rank

Product category

Tidal Energy Systems

NAICS

Turbine and Turbine Generator Set Units Manufacturing (333611)

SIC

Engines & Turbines (3510)

akta.pro primary industry

Tidal Stream Power Generation (In-Stream Turbines) (EUACAJAB)

akta.pro secondary industries

Ocean Current Power Generation (EUACAJAD), Marine & Hydrokinetic R&D (Tidal, Wave, River Current, OTEC) (EUAMAOAD)

Keywords

• Tidal energy systems
• Marine renewable energy
• Subsea kite technology
• Ocean current power
• Marine energy services

Headquarters

HQ city

Västra Frölunda

HQ country

Sweden

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales

Revenue model

1. Product Sales: Development, production and sale of power plants (Dragon Class kite systems) to project developers, utility companies, and independent power producers. Core business revenue stream.
2. Site Development Services: Services including site identification, evaluation, feasibility assessments, and concept design to help screen and support development of potential sites.
3. Operations, Service and Maintenance: Ongoing O&M services for installed power plants, including training client teams or providing complete project service.
4. Site Asset Management: Management of project assets, likely including monitoring and optimization services.
5. Geographical Licensing: Licensing of technology to partners in specific geographic markets for power plant development.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

Minesto designs, develops, manufactures and sells subsea tidal kite power plants (Dragon 4 at 100 kW and Dragon 12 at 1.2 MW) that generate predictable, baseload renewable electricity from tidal streams and ocean currents using a patented underwater kite flight principle. The company complements these hardware products with Site Development Services (site identification, feasibility assessments and permit support) and Operations, Service & Maintenance offerings for installed arrays.

Product overview

Minesto is a marine energy technology company offering Dragon Class tidal energy kite systems in two configurations: Dragon 4 (100 kW) for microgrid installations and Dragon 12 (1.2 MW) for utility-scale energy systems. The product line generates electricity from predictable tidal streams and ocean currents using a unique underwater kite flying principle. Minesto complements its core kite systems with Site Development Services (site identification, evaluation, and feasibility assessments) and Operations, Service & Maintenance services for ongoing project support.

Differentiator

Problem solved

Functional benefit

Brands

• Dragon Class: Product line of ground-breaking ocean energy technology power plants featuring increased performance and decreased manufacturing costs. Includes Dragon 4 (100kW) for microgrid installations and Dragon 12 (1.2 MW) for utility-scale energy systems.
• Deep Green
• Faroe Islands Space Program
• Luna 12

Products and services

• Dragon 4 Dragon 4 is a 100 kW tidal energy kite designed for microgrid installations. It features modular construction for transport in a 20 ft container, fast assembly and automated installation, with a 185 kW power take-off upgrade available. Targeted at remote islands, coastal communities and aquaculture operators seeking off-grid baseload power.
• Dragon 12 Dragon 12 is a 1.2 MW tidal energy kite designed for utility-scale energy systems, a 10-times scale-up from Dragon 4 delivering competitive performance and cost levels for build-out of large-scale commercial subsea parks. Projected to produce 3.5 GWh per year per unit at identified sites.
• Dragon Class Kite Systems Dragon Class is the product line of Minesto's ground-breaking ocean energy technology, comprising powerful, lightweight and modular power plants that generate electricity from tidal streams and ocean currents using the patented underwater kite flight principle.
• Site Development Services Site Development Services identify production sites with suitable tidal/ocean current conditions, covering site identification, evaluation, feasibility assessments, permit and license discussions support, and concept design development. Offered to utilities, project developers and independent power producers screening potential deployment sites.
• Operations, Service & Maintenance Cost-efficient onshore and offshore operations, service and maintenance for installed Dragon Class power plants. Skilled team either trains client O&M teams or delivers complete ongoing project service for site operators.

Quantifiable outcome

• 3.5 GWh annual electricity production per Dragon 12 (1.2 MW) tidal kite at identified sites
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Haf-AflcoreStrategic or Co-development Partner · 3 February 2026Partnership agreement (MOU) with Icelandic ocean energy site developer Haf-Afl for tidal energy project development in Iceland. Collaboration focuses on site identification, feasibility studies, and project structuring, leveraging Haf-Afl's extensive mapping of Iceland's tidal resources combined with Minesto's Dragon Farm technology.
• National Taiwan Ocean UniversitycoreStrategic or Co-development PartnerExisting collaboration with university's Research Center for Ocean Energy and Strategies for ocean energy testing and development. Includes installation of scale model and research on Minesto's technology potential in Taiwan.
• Taiwan Cement Green EnergycoreStrategic or Co-development PartnerIndustrial partnership supporting ocean-energy commercialization efforts in Taiwan. Collaborates on project development for tidal energy power plants near Keelung and Green Island.
• Capture EnergycoreTechnology or IntegrationMicrogrid technology provider collaborating on 56 MSEK demonstration project in Faroe Islands. Joint project funded by Minesto, Capture Energy, IVL, and Swedish Energy Agency to build world's first tidal energy microgrid with integrated battery storage.
• IVL Swedish Environmental Research InstituteminorStrategic or Co-development PartnerResearch institute partner in consortium for Faroe Islands microgrid demonstration project, providing environmental research expertise.
• SEV (Faroese utility company)coreStrategic or Co-development PartnerLong-term collaboration with Faroese electric utility SEV including power purchase agreement. Minesto's tidal kite systems generate electricity purchased by SEV for the Faroese grid. Partnership supports Faroe Islands' 100% renewable energy goal by 2030.
• SKFminorStrategic or Co-development PartnerIndustry leader collaborating on Faroe Islands Space Program marketing initiative. SKF provides expertise in bearings and seals for Minesto's tidal kite technology. Collaboration dates back to 2012.
• InnoEnergyminorGTM or Marketing PartnerSelected to participate in InnoEnergy's annual event The Business Booster in Lisbon. InnoEnergy, initiated by European Institute of Innovation and Technology, is Europe's investment company for clean energy transition.
• Business SwedenminorGTM or Marketing PartnerSwedish trade and investment organization co-organizing Nordic-Taiwan Sustainable Energy Forum and supporting Minesto's market development activities in Taiwan.
• Grant Thornton Sweden ABminorOthersRe-elected as Minesto's auditor at 2026 AGM. Provides audit services for financial reporting compliance.

Scale indicators15 records

Recent moves7 records

Expansion highlights5 records

Emerging players

• Wello Oy: Finnish wave energy developer with the Penguin floating wave energy converter. Comparable Nordic marine energy company at similar pre-commercial stage targeting similar island and coastal utility off-takers.
• Eco Wave Power: Israeli-Swedish wave energy company with onshore and offshore installations. Comparable in pre-commercial marine energy stage and geographic expansion ambitions (Europe, Asia, Africa), though focused on wave rather than tidal stream.
• Carnegie Clean Energy: Australian wave energy developer (CETO technology), publicly listed on ASX. Comparable as a publicly listed pre-commercial marine energy developer pursuing utility-scale ocean energy commercialisation.
• CorPower Ocean: Swedish wave energy developer using point absorber technology with similar low-cost, scalable ambitions to Minesto. Both are Swedish marine energy companies targeting utility-scale ocean energy with capital-efficient designs, though CorPower focuses on wave rather than tidal stream.

Direct peers

• Sabella: French tidal turbine developer (formerly Sabella SAS) deploying bottom-mounted tidal stream turbines in Brittany. Comparable to Minesto in size and pre-commercial stage, focused on European island and coastal applications.
• Nova Innovation: Scottish tidal stream developer operating the Shetland Tidal Array, the world's first grid-connected tidal array. Directly comparable in pre-commercial microgrid and small-array segment served by Minesto's Dragon 4 product.
• Simec Atlantis Energy: UK-listed tidal stream developer behind the MeyGen project in Scotland, the world's largest operational tidal stream array. Direct competitor in the utility-scale tidal stream segment targeting similar utility off-takers and using comparable enterprise sales motions.
• HydroQuest: French marine turbine developer with 1 MW and 2.5 MW tidal stream turbines deployed in France and overseas territories. Directly comparable in technology category and pre-utility commercialization stage.
• ANDRITZ Hydro Hammerfest: Norwegian-based tidal turbine developer (formerly Hammerfest Strøm) within ANDRITZ Group, with HS1000 and HS2000 tidal stream turbines. Directly competes in the same tidal stream utility-scale segment though with industrial backing from ANDRITZ.
• Orbital Marine Power: Scottish developer of the O2 floating tidal stream turbine (2 MW), one of the most advanced tidal stream developers globally. Directly comparable to Minesto's Dragon 12 in targeting utility-scale tidal stream arrays with horizontal-axis turbines, though Minesto uses an underwater kite principle instead.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCjQ5Z
• LinkedInlinkedin.com/company/minesto
• Facebookfacebook.com/MinestoAB
• Xx.com/MinestoAB

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries6 records

Funding overview

Funding rounds20 records

Investors12 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Minesto