Minesto, in cooperation with partners Sev, Capture Energy, and IVL, recently held a 1.5-day planning and project setup workshop at its headquarters in Gothenburg. The workshop marked the formal start of preparations for the project, outlining key technical and organizational steps.
Johannes Huffmeier, COO of Minesto, stated: “We are off to a good start delivering a tidal energy microgrid system with the capacity to offer base-load renewable energy to both local needs in the Faroe Islands and further to millions of users on a global market.” His comments underscored the company’s focus on scalability and the wider application of its technology.
Alongside the microgrid development, Minesto is cooperating with Sev and other local stakeholders to integrate two end-user applications. These include supporting the electrification of EV charging and an industrial process in Vestmanna, both aimed at reducing fossil fuel consumption. The integration is expected to demonstrate practical value and customer benefits of tidal energy systems.
Martin Edlund, CEO of Minesto, emphasized this approach: “Right at the start, we want to add delivery of tidal energy into electrification applications for the customer value of our microgrid to be proven and demonstrated. Small-scale electrification to reduce CO2 emissions is a core component in the global energy transition as well as in our sales growth projections.” His remarks highlighted the link between local applications and broader commercial opportunities.
In addition to the new project, Minesto has been implementing organizational changes to align its operations for commercial rollout. In July, the company completed a reorganization that included geographic consolidation, a more streamlined management structure, and closer integration of product development. These measures have resulted in a 35% reduction in fixed costs, strengthening the company’s financial position for future projects.
Minesto has also announced new leadership appointments. Just a few days ago, the company confirmed the appointment of a new chief financial officer (CFO), who will assume the role in October. The appointment is seen as a step to further support Minesto’s transition toward commercialization and growth in international markets.
Through this project in the Faroe Islands, Minesto aims to combine tidal energy with microgrid technology to demonstrate practical applications and strengthen its position in the renewable energy sector. The initiative reflects the company’s strategy of advancing innovation, enhancing customer value, and contributing to the global shift toward sustainable energy.
