Minesto (MINEST) investor relations material

Technology and market positioning

• Presents a unique ocean energy technology, claiming global leadership in renewable ocean energy.

• Technology converts kinetic ocean energy into electricity, offering a weather-independent, baseload renewable source.

• Recent system upgrades increased power output, demonstrating improved energy conversion and cost competitiveness.

• Evidence of superior performance is used to attract partners and customers in key markets like the Faroe Islands and the UK.

• Industry consolidation is ongoing, with many former competitors now seeking partnerships or mergers.

Financial and operational progress

• Holds permits for an 80 MW site in Wales and a 30 MW exclusive relationship in the Faroe Islands.

• Engaged in public procurement processes in Asia and other markets, with several pre-consented sites.

• Focus is on product sales to project-based customers, not direct electricity sales.

• Collaborates with major partners like SKF for maintenance and leverages EU funding for project development.

• Building investment cases with the European Investment Bank and large utilities to support early projects.

Strategic outlook and challenges

• Actively seeking partnerships with utilities and developers in major tidal markets worldwide.

• Faces perceived investor risk due to the novelty of the technology and past failures in the sector.

• Demonstrates real production results to address investor concerns and validate technology.

• Smaller-scale projects in Greenland and island nations serve as potential breakthrough opportunities.

• The company is optimistic about scaling up and expects future commercial success as the market matures.