Minesto CEO: Dragon tidal energy technology ready for farm and microgrid deployment

Actual and simulated performance data from Dragon 4 (D4) and Dragon 12 (D12) shows that Minesto’s tidal energy technology is ready for the first Dragon Farms as well as microgrid installations, the Swedish company’s Chief Executive Officer (CEO), Martin Edlund, said.

Edlund added that of equal importance is that now the company has the right tools and capability to optimize the configuration and the size of Dragons for specific sites.

“We also believe that the accumulated test data and documentation on Dragon Class technology makes it ready for third party technical evaluations by commercial actors” said Edlund.

On May 22, 2024, Minesto held a presentation at the annual general meeting (AGM), sharing the Dragon Class performance data, based on collected analysis of the D4 power production curve and simulation modelling. The data is important for third-party technical feasibility evaluations and calculating yearly yields for investment proposals at specific sites.

The power-curve data shows power generation at given tidal current speeds and measures how well the Dragon Class technology converts ocean kinetic energy to electric power. This data illustrates the importance of matching the right Dragon configuration with specific site conditions to optimize output.

The graph presents four data sets:

• D4 simulated: a simulation curve of the D4-system tested since 2022, based on an in-house computational fluid dynamics (CFD) simulation model.
• D4 achieved: the actual power curve from testing, showing the accuracy of the simulation model.
• D4-X wing: a power curve showing how extending the wing from 5 to 6 meters, with the same 100 kW system, shifts the curve left and increases power at lower flows.
• D4-X 200kW: a simulated curve of an upgraded system with a 200 kW generator and a larger wing.

The fourth curve represents the performance specification Minesto can offer for smaller power plants (100-200 kW) for installations like microgrids at medium flow sites. The third curve shows a system for low-flow sites.

Site-specific and technical limitations influence the shape of the actual power curve. For instance, the strength of the anchoring system and the rated power of the generator restrict power production in the higher flow range, Minesto said.

The current offer to commercial partners in targeted markets revolves around investment in a local project development company (joint venture), options to gradually buy out Minesto, and “first rights” to Minesto dragon tech. 

Minesto’s CEO declared commercial readiness for Dragon Class, saying that they are ready for commercial deployment at the right performance levels. The existing offer is provided with a combination of wing size, power take-off (PTO), and tether length. 

According to Minesto, the data from the initial three-month test phase of the larger D12 system, a scale-up of the D4, aligns with expectations and is comparable to the presented D4 data. Testing of Dragon 12 follows a gradual ramp-up program aimed at achieving optimal flight trajectories and control system settings.

After the first two weeks of testing, the Dragon 12 functionality and power production were confirmed and the performance was as projected. Core operations, including starting, turning with tidal flow, and generating electricity, have been verified, Minesto said. The stable system behavior is said to indicate reduced technology risks for scaling up. 

Minesto reported a total operating income of approximately SEK 6.8 million (around €582,255) for Q1 2024, a quarter the company said has laid the foundation for the path toward the buildout of commercial arrays.

The company’s operating loss was approximately SEK 11.8 million, compared to SEK 6 million in Q1 2023. This negative result is primarily due to business development and administration related to technology development and includes costs such as personnel and consultants.