Swedish marine energy co Minesto raises EUR 15.5m

Swedish marine energy firm Minesto AB has raised about SEK 145 million (USD 17.2m/EUR 15.5m) from its listing on First North at NASDAQ Stockholm and a separate issue to institutional investors, it said today.

The company issued a total of 18.9 million units to the public, representing an oversubscription of over SEK 10.7 million. At the same time, institutional investors subscribed for an additional 6.99 million units, worth SEK 39.1 million in total.

Minesto expects its shares to begin trading on the bourse on November 9, 2015. The company has now secured a total of SEK 300 million in capital, including investments from KIC InnoEnergy and the Wales European Funding Office (WEFO), its CEO Anders Jansson commented.

The firm will use the proceeds to fully commercialise its patented technology since 2006. A Deep Green plant has been generating electricity from tidal and ocean currents off the coast of Northern Ireland for more than two years now. Minesto's ultimate goal is to have a 10-MW plant operational in 2019.

(SEK 10 = USD 1.184/EUR 1.070)

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