Swedish tidal power kite developer Minesto AB on Friday posted its interim report for the first half of 2016, unveiling an operating loss of SEK 15.2 million (USD 1.8m/EUR 1.6m) for the period.
For comparison, the company reported an operating loss of SEK 8.6 million for the first half of 2015. Revenue for January-June 2016 increased to SEK 8.8 million from SEK 7.1 million a year back.
CEO Martin Edlund commented that work on the first full-scale model of Minesto’s Deep Green tidal power turbine is continuing according to plan and it is on track to launch the device next summer.
In July, the company secured SEK 5.7 million in research funds from the Swedish Energy Agency.
(SEK 10 = USD 1.191/EUR 1.054)
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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.