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I have just sold my shares in Minesto. I still find the idea of extracting energy from tidal currents interesting. But I need to understand how the electricity generation described by the company relates to actual business and reported revenue.

I have tried to get answers by email and phone to my questions about sales to the Faroese electricity company SEV. I have not managed to make contact and get the questions answered. In the end, I chose to sell.

Power purchase agreement and electricity generation—but where are the sales?

Minesto has long described SEV as a partner and buyer of electricity. On 10 June 2024, the company announced that the power purchase agreement had been renewed for two years. The agreement covered capacity from three tidal power plants in Vestmanna, and the price level had been increased.

Minesto’s project page about the Faroe Islands also states that, under a power purchase agreement, SEV commits to buying the electricity generated by Minesto’s power plants.

At the same time, the 2025 annual report shows revenue of SEK 0 for the group. The comparative figure for 2024 is SEK 75,000. That figure is the group’s total revenue and does not in itself show how much relates to electricity sales to SEV.

In the interim report for January–June 2026, net sales are again reported as SEK 0. In the same report, the CEO describes stable electricity generation over several months, with delivery to the national grid.

Operating income is not the same as customer payments

For the first half of 2026, the item “total operating income” amounts to SEK 11.27 million. But according to the report’s income statement, the entire amount consists of capitalised work performed for the company’s own account. This is the company’s own development work recognised as an asset in the accounts. It is therefore not SEK 11.27 million in sales to customers.

These distinctions are important to understand when assessing how far a development-stage company has progressed commercially. A power plant can deliver electricity to the grid without the report thereby showing a specific sales figure.

The questions I want answered

How much electricity was actually sold to SEV during 2025 and the first half of 2026? How much was invoiced and paid? If compensation was received, where and how was it recognised in the accounts? If no compensation was received, why not, despite the statements about a power purchase agreement and deliveries?

I also want to know what contractual terms apply now. The extension announced in June 2024 covered two years. That announcement is therefore not enough to establish which terms apply in October 2026.

Zero net sales do not prove that there was no electricity generation or no payments. There may be an explanation in the contractual terms or the accounting. I have not been able to establish how any compensation from SEV has been treated, and I therefore do not claim that the company’s accounts are incorrect. It is precisely this explanation that I have tried to obtain.

Trust requires answers

As a shareholder, I can accept that technological development takes time and that investments involve risk. But then I need to be able to get understandable answers to basic questions about the business.

For me, the combination of unanswered questions and unsuccessful attempts to make contact was decisive. I want to be able to follow the path from generated electricity to customer payments and understand what has actually been achieved.

Minesto is welcome to provide a clear explanation. Until then, I have chosen to stay on the sidelines.

I no longer own shares in Minesto. The contact attempts described above are my own experience. The information about agreements and accounting is based on the company’s linked publications, checked on 14 October 2026.

This translation was prepared with AI assistance. The original featured illustration was AI-generated.