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Losses narrow at Minesto

Swedish tidal player records €625,000 shortfall in first half 2017

Losses narrow at Minesto image

Swedish tidal developer Minesto has posted a loss of around €625,000 (Skr5.9m) for the first half of 2017, an improvement on the €1m loss suffered this time last year.

Minesto said the losses accrued between January and June 2017 were largely attributable to business and technology development costs plus personnel and consulting expenses.

Revenue rose 55% to €1.95m (Skr18.597m), up 55% from the first half of 2016.

Significant events during the period included the delivery of the majority of subsystems and assembly initiated of its Deep Green tidal kite to be installed off Holyhead in North Wales.

Minesto chief executive Martin Edlund said the company had strengthened its intellectual property protection.

“Since the end of last year the patent portfolio has doubled and now consists of 34 patents,” he added.

Image: Deep Green tidal kite (Minesto)

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