Minesto still in red as revenues rise

Full-scale wing for 500kW Deep Green tidal kite (Photo: Minesto)

Swedish tidal energy developer Minesto has decreased the loss in the first half of 2017 for around 38% compared to the same period a year earlier.

Minesto has reported a loss of $740,000 (SEK 6 million) for the first half of 2017, which is a decrease from $1.2 million in losses (SEK 9.6 million) filed for the same period in 2016.

The company said the negative result is largely attributable to business and technology development costs, along with the personnel and consulting expenses.

The revenue for the period increased to $2.3 million (SEK 19 million) – up 55% from 2016, when Minesto reported the revenue of $1.5 million (SEK 12 million).

Minesto said that this was primarily due to the capitalized work on own account.

During the first half of 2017, Minesto took delivery of most of the subsystems for its 500kW Deep Green tidal power plant, and started the assembly process.

Also, the company obtained the permission to install the device in Holyhead Deep, off Wales, and announced plans for potential expansion of the project from 10MW to 80MW.

More recently, Minesto decided to postpone the installation of the 500kW tidal from fall 2017 to unspecified date in 2018 as the company hired a new supplier for the plant’s foundation system.

Martin Edlund, CEO of Minesto, said: “During the fall, we will focus more on developing everything related to operation and maintenance. This is not something that is crucial to the initial installation, but it is central to the uptake of Holyhead Deep and the commercialization of Deep Green technology.”

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