Minesto narrows interim loss

Minesto has reported a 5.5% increase in revenue for the first three months of the current year, compared to the same period a year earlier.

The revenue for the Swedish tidal energy developer in the period from January to the end of March 2018, amounted €940,000 (SEK 9.6 million), in contrast with the period a year before when the company reported the revenue of €888,000 (SEK 9 million).

Minesto said that this was due mainly to the capitalized work on own account.

Loss after tax narrowed by 75% in the period, from last year’s €313,000 (SEK 3.2 million) to €79,000 (SEK 810,000) recorded this year.

To remind, Minesto is currently installing its first commercial-scale tidal energy plant – the 500kW Deep Green device.

Earlier in the week, the micro-grid system (MGS) buoy that will provide data and communications with the DG500 marine energy power plant was installed at the Holyhead Deep site, off Northern Wales.