Minesto AB

Nasdaq First North: MINEST54Mixed / Improving· Provisional

0 followersTidal energy·Gothenburg, Sweden·Founded 2007

Developer of the Deep Green tidal kite — an underwater kite with a turbine that sweeps a large area to generate electricity from slow-moving tidal streams and ocean currents, with deployments in the Faroe Islands and Wales.

54/100

Mixed / Improving· Provisional

ClimateTicker Green Score · how it's calculated

Greenwashing risk: lowData confidence: medium

Why it's on ClimateTicker

Minesto develops genuinely zero-emission tidal kite technology that displaces fossil-fuel generation on island grids — notably the Faroe Islands, which historically sourced ~57% of power from oil. The core technology is credible and independently reviewed by DNV, with grid-connected megawatt-scale output now demonstrated. However, the company remains pre-revenue, pre-profitability, and early-commercial, so its climate impact is currently modest in absolute terms and its own operational sustainability disclosures (SBTi, CDP, verified GHG inventory) are absent.

mitigationMinesto sells tidal electricity under power purchase agreements (e.g., with Faroese utility SEV) and pursues project development revenues; it is currently funded primarily through equity raises, EU grants (>€45M), and national agency grants while scaling toward commercial array build-out.

Commitments & Certifications

other: Third-party technology review completed ↗other: EU largest marine energy investment recipient ↗

Controversy & Greenwashing Watch

lowWeak rights issue uptake signals investor confidence risk

In October 2025, only ~41% of Minesto's rights issue was subscribed by shareholders, requiring guarantors to cover ~24% of the raise, indicating limited market confidence in near-term commercialization.source ↗

lowWales operations withdrawal and office closure

Minesto deprioritized its Holyhead Deep, Wales project in March 2022 citing supply chain issues, and closed its Welsh manufacturing office in July 2025, raising questions about execution reliability and stranded local investment.source ↗

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