Minesto AB

Minesto AB develops cutting-edge ocean energy solutions, harnessing tidal streams and ocean currents through unique subsea kite technology, aimed at enhancing renewable energy production. Founded in 2007 by Magnus Landberg in Gothenburg, Sweden, Minesto AB focuses on innovative ocean energy solutions. The company went public in November 2015, and has since raised a total of EUR 4. 50 mn through its latest PIPE funding round, which included investment from InnoEnergy.

Minesto AB has executed a total of 10 deals since its inception. Minesto specializes in the development and deployment of innovative ocean energy solutions, primarily through its unique subsea kite technology. The core product is a modular kite system designed to harness energy from tidal streams and ocean currents. This technology operates by flying across water currents at a speed that significantly enhances energy capture, making it more efficient compared to traditional fixed turbines.

The kite systems are engineered to be lightweight and compact, with power ratings ranging from 100 kW to 1. 2 MW, and a wing span between 4. 9 to 12 meters. Minesto's products target diverse geographical markets, with notable projects in regions such as the Faroe Islands, where local energy initiatives strive for 100% renewable energy by 2030.

The company caters to various stakeholders in the renewable energy sector, including government entities, energy providers, and organizations committed to sustainable practices. Minesto's revenue model is centered around the commercialization of its subsea kite technology through partnerships and direct sales to energy providers. In the most recent financial year of 2016, the company reported no revenue, while its EBITDA for 2023 was EUR -2,701,548. 60.

The company engages in B2B transactions, typically involving long-term contracts for the deployment and maintenance of its kite systems. Revenue is generated from the sale of kite units, installation services, and ongoing operational support. The structure may include performance-based incentives tied to energy outputs, ensuring alignment with client goals for renewable energy production. Specific pricing plans are associated with the deployment of their kite systems, reflecting the advanced technology and value it brings to the market, although detailed pricing structures are not disclosed.

Minesto plans to continue developing its subsea kite technology to enhance its product offerings, with an emphasis on improved performance and efficiency. The company is targeting expansion into new markets, particularly focusing on regions with strong renewable energy commitments. Recent funding from the PIPE round will support these initiatives and help facilitate market entry. The company aims to roll out new products and expand its geographical footprint by 2025, aligning with global trends towards sustainable energy solutions.