Minesto deeper in red despite revenue rise

Illustration (Photo: Minesto)

Swedish tidal energy developer, Minesto, today reported a revenue of approximately USD 1.1 million (SEK 8.8 million) for the first half of 2016.

The company informed that this was primarily due to the capitalized work on own account. The revenue for the same period of the last year was some USD 850,000 (SEK 7.1 million).

However, Minesto’s profit after tax in the first half was USD -1.9 million (SEK -15.6 million), compared to USD -1.2 million (SEK -9,8 million ) in the first half of 2015. The negative result is mainly attributable to personnel costs and consulting expenses, the company said.

During the first six months of this year, Minesto has reached several milestones in the journey towards commercialization of its Deep Green tidal energy technology.

In June, the Swedish Energy Agency granted new funds totaling SEK 5.7 million for two research projects focused on the development of the Deep Green technology. The same month, KIC InnoEnergy granted additional EUR 1 million for the development of the Deep Green technology, after investing EUR 3.5 million in 2015, which represents KIC’s largest investment in marine renewable energy.

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