Swedish developer Minesto has raised $8.95 million (SEK 72.5 million) in a share rights issue that will be used to support the company’s upcoming tidal energy activities.
A total of 5,272,018 units were subscribed, corresponding to approximately $7.3 million (SEK 59 million), which means that approximately $1.7 million (SEK 13.5 million) is allocated to guarantors of the rights issue which closed on February 16, 2018, Minesto informed.
Martin Edlund , CEO of Minesto, said: “We have now secured funds to carry out crucial value-creating activities in the coming year, including demonstration of our unique Deep Green technology in utility scale in Wales.
“The strategy of product range enhancements together with site and market development in the EU and Taiwan is firm and will be funded by the now acquired equity together with existing and new public funding.”
To remind, Minesto recently announced plans to offer a smaller Deep Green tidal energy device, with a rated power of up to 100kW, as it aims to open new markets and business opportunities.
The 500kW Deep Green tidal power plant will be installed this April off Anglesey, in Wales.