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Warrants issue of USD 4.8m to back Minesto's subsea kite technology

Deployment of Minesto's Deep Green technology. Source: Minesto AB. License: All rights reserved

February 12 (Renewables Now) - Swedish marine energy developer Minesto AB has secured SEK 44.4 million (USD 4.8m/EUR 4.2m) through a warrants programme that will enable it to fund the commercialisation of its Deep Green subsea kite technology.

In what resulted in a subscription rate level of 97.8%, the company has received subscriptions for 6.34 million of new shares, it said in a press release on Monday.

The funds, part of which will be used to cover issue costs, will help Minesto to proceed with the development of the Deep Green technology for the production of electricity from slow tidal streams and ocean currents through the use of subsea kite turbines. Additionally, the financing will support existing and new projects, CEO Martin Edlund said.

The new stock will trade on the Nasdaq First North as soon as the issue has been registered with the Swedish Companies Registration Office and Euroclear. This is expected to take place around three weeks after the end of the subscription period on February 8.

Stockholm Corporate Finance AB was Minesto’s financial advisor in the transaction, while legal counsel was provided by MAQS Law Firm.

(SEK 1.0 = USD 0.107/EUR 0.095)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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