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Minesto publishes Year-End Report 2024

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GOTHENBURG, Sweden, Feb. 27, 2025 /PRNewswire/ — CEO Dr. Martin Edlund: “Minesto has now demonstrated competitive renewable energy production from an untapped natural resource based on a truly novel and proprietary innovation.”

Significant events October – December 2024

Minesto’s work towards tidal energy buildout in the Faroe Islands continues. The Hestfjord Dragon Farm is a first-of-a-kind tidal energy array with Minesto Dragon 12-kites with a total capacity of 10 MW in a first phase. Following the successful utility-scale installation of the Dragon 12 in Vestmanna and corresponding interest by various parties in the technology, Minesto assigns strategic advisor Ernst & Young (EY) to the unique Dragon Farm Project, with focus on investments.

In December, Minesto announces completion of Hestfjord Dragon Farm specification based on Dragon 12 achievements. This refers to the overall design and technical specification of the upgraded Dragon 12 system targeting the first Dragon farm in Hestfjord (Phase 1: 10MW) in the Faroe Islands.

Minesto presents at one of the biggest international energy conferences, Enlit Europe in Milan. CEO Dr. Martin Edlund also presents at global climate change meeting COP29 in Baku, Azerbaijan where Minesto is hosting a session on the role and importance of innovation in tackling climate change.

The company arranges a well-attended capital market day at the company’s premises in Gothenburg, welcoming shareholders to experience the Minesto workshop and power plant components.

After the end of the period

In February, Minesto welcomes Faroese stakeholders, authorities as well as the public to a seminar at the Nordic House in Torshavn. CEO Martin Edlund presented the company’s vision for a sustainable energy system in the Faroe Islands, a 200MW buildout roadmap. There was a strong stakeholder engagement towards Minesto’s first tidal energy Dragon farm in Hestfjord, Faroe Islands.

An independent technical review of Minesto’s Dragon-class technology initiated in autumn 2024 is completed by DNV – a world leader in technology assessments and certifications in the energy & maritime sectors, incl. renewable energy solutions. The successfully completed review strengthens Minesto’s buildout investment case.

Group in summary 1 January-31 December 2024

1 January-31 December 2024

Total operating income in the end of the financial year amounted to SEK 33,035 thousand (45,590) and mainly included capitalised development work. Net sales amounted to SEK 75 thousand (391).Operating loss, at the end of the financial year, amounted to SEK -37,345 thousand (-28,680). The negative result is largely attributable to business development and administration related to technology development.At the end of the financial year, intangible assets amounted to SEK 544,924 thousand (492,928), of which capitalised development costs amounted to SEK 527,708 thousand (476,608) and capitalised patent expenses amounted to SEK 17,217 thousand (16,320).Cash flow amounted to SEK 19,436 thousand (-20,015). At the end of the period, cash and cash equivalents amounted to SEK 34,890 thousand (15,160).At the end of the financial year, equity amounted to SEK 568,649 thousand (522,746) divided into 194,116,040 shares (160,732,694), of which net loss for the year amounted to SEK -36,104 thousand (-27,123).

The Year-end Report is available to download at Minesto’s website:
www.minesto.com/investor/investor-information

CEO comment

Reinforcing Minesto as the World Leader in Ocean Renewables

2024 was a year of outstanding achievements for Minesto. The success of Dragon 12 puts us in a solid position to release the commercial potential of our unique ocean energy technology. 

Minesto has now demonstrated competitive renewable energy production from an untapped natural resource based on a truly novel and proprietary innovation. 

Backed up by performance and production data from installed devices, Minesto has assessed the cost of energy of its technology at lower levels than all other actors in ocean energy and most importantly, in our target markets, we offer the most viable or the only viable solution for an affordable energy transition. At last, the marine energy sector has a commercially viable energy generating technology ready for large scale buildout.

Ready for Dragon Farms

During 2024, all technical aspects of a commercial Dragon farm – a grid connected array of Dragon 12 units – have been successfully verified at the site in Vestmanna. Limited upgrades and customizations required are identified and in implementation for the first phase of Dragon Farm build outs.

It is important to underline that to commercialize the core Dragon-class technology, Minesto is relying on a wide range of unique and hard-earned technologies and competencies accumulated (internally and with partners) over more than a decade. So stating that we are “ready for farms” is not made lightly and implies that we are a master of all core activities such as: tidal site assessment, environmental consenting, production array design, infrastructure configuration, balance of plant, service procedures, offshore launch/recovery, grid connection, production monitoring, powerplant build and onshore testing, array installation management and power plant commissioning.

Most recently, the independent review of Minesto’s technology by DNV has been successfully completed. The review underlines the strength of our technology and our readiness to deploy at scale. It also supports our core arguments that our technology is generically cost effective.

Pushing for Business

During the year, Minesto has created energy project investment cases, initiated feasibility studies targeting specific production sites, hosted due diligence from potential customers and strengthened collaboration with our local partners around the world.

We have continued to nurture a strong relationship with the Faroe Islands’ business community and investor sphere. A renewed and updated power purchase agreement (PPA) with a price level to denote the total system value of tidal energy in the future renewable energy mix in the Faroe Islands is agreed in principle for the first phase of the Hestfjord buildout.

The Phase 1 Hestfjord Dragon Farm investment case is now open for business, the plan includes a newly established local project development company, Drekin Sp/f, where local investors can eventually become part owners of a 200MW tidal farm project in the Faroe Islands. The investment case includes the technical specification of the Phase 1 buildout, targeting the specific site conditions in Hestfjord, which is based on six customized Dragon 12 kites systems rated at 1.75MW, 10.5 MW in total.

In a number of markets around the world, Minesto has been asked to offer feasibility studies, project planning services, demo-installation projects and the creation of larger scale investment cases like Hestfjord. We are working with new and existing local market actors such as independent power producers and utilities. We believe that the novelty of the ocean energy industry and uniqueness of our products makes it necessary to offer customers and project investors flexible step in commercial involvement.

An important enabling factor in ongoing sales and project investment activities is public funding in different forms. The renewable energy transition is an area in focus for government grants, green electricity subsidies and soft loans. Our soft funding team is working together with our business development team to target application calls which directly support sales and project finance work. Minesto holds a broad application portfolio targeting programs that will be awarded during 2025.

We have strengthened our commercial team internally and have partnered up with internationally recognized advisory firm EY to support securing project financing and industrial partnerships. Minesto also receives valuable support from Business Sweden in Southeast Asia, via grant-funding from the Swedish Energy Agency.

It is worth noting that the volume of sales activities have significantly increased, driven by the level of maturity of our products and step change in global awareness of our innovation.

An Evolving Team

The collective knowledge, experience and capabilities in the Minesto team is at the core of the value of the company. Our intangible assets, built through technology investments, now reaches around 540 MSEK in accounting terms.

We have strengthened the organization regarding supply chain partnerships, operations in Vestmanna and through integration of product and business development in Sweden.

The management team is more commercially oriented and strengthened.A ca 30% overall reduction in personnel costs (from 2023 to 2025) has been achieved.A flexible operations team is in place in Vestmanna for the Faroe Island expansion.

Funding and cash flow

A combination of work streams to fund continued development and product delivery capacity are ongoing. We are not excluding any scenario in seeking the optimal way forward in creating industrial and shareholder value. The range of funding sources are sales of services and electricity, sales of microgrid hardware and installations, project finance with prepayments, soft funding, targeted new strategic investors/owners and issuance of securities.

Martin Edlund
CEO, Minesto AB

For additional information, please contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58
ir@minesto.com

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/minesto-ab/r/minesto-publishes-year-end-report-2024,c4111631

The following files are available for download:

https://mb.cision.com/Main/14621/4111631/3287652.pdf

Minesto AB Year-End Report 2024

https://mb.cision.com/Public/14621/4111631/bf836eaf2b780ee4.pdf

PR 270225 Minesto publishes Year-End Report 2024

 

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De¹ Introduces Tokenized Asset World on BNB Chain, Developing Financial Intelligence Across the Full RWA Financial Landscape

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NEW YORK, Oct. 19, 2026 /PRNewswire/ — De¹ is launching Tokenized Asset World on BNB Chain, the first domain-specific world under its Financial World Model (FWM). It introduces specialized financial intelligence designed to understand the full onchain RWA landscape, from trading and collateral to borrowing, credit, liquidation and agent activity, and apply that knowledge to real financial decisions.

Traditional finance moves assets through separate networks of brokers, custodians, clearing systems and lenders. Each institution sees a different part of the lifecycle, while transfers, reconciliation and collateral requirements add friction to capital deployment. Bringing assets onchain makes financial activity more programmable, but it does not automatically connect the knowledge held across trading, financing and risk systems.

De¹ is establishing Tokenized Asset World on BNB Chain, where that real-assets financial ecosystem already unfolds in live markets. PancakeSwap, ListaDAO, Venus, Binance Agent OS and BNB Agent SDK span public trading, collateralized lending, structured credit and authorized agent activity. These activities produce distinct signals: executed prices, liabilities, vault constraints, liquidations and the outcomes of agent actions.

Tokenized Asset World brings fragmented financial knowledge into a coherent, learnable model of the full RWA landscape. The domain model is designed to understand the relationships and consequences across financial operations, with verified execution outcomes continuously refining De¹’s understanding of onchain financial physics. This introduces a new layer of intelligence to BNB Chain, enabling a more complete understanding of the tokenized-asset stack across trading, collateral, credit, vaults and agent activity.

AI agents can tap into this intelligence to operate across tokenized-asset markets with a more comprehensive view of liquidity, borrowing conditions, collateral exposure and liquidation risk as a whole. This deeper market understanding could raise more sophisticated strategies, execution and risk decisions. Each agent interaction, in turn, generates new evidence for the model, creating a continuous feedback loop between financial intelligence and live market execution while strengthening De¹’s broader Financial World Model.

About De¹

De¹ is the intelligent infrastructure platform at the intersection of DeFi and AI, building the Financial World Model grounded in live execution and real market feedback. It serves developers, traders, institutions, and AI agents through intelligent execution, unified liquidity, reinforcement learning optimization, and a continuously evolving data flywheel.

Contact: Marketing, pr@de1.ai

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Plata reaches $1 Billion ARR Milestone, becoming the fastest digital bank ever

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The Mexico based digital bank shatters traditional digital banking scaling timelines, reaching a $1 Billion Annual Recurring Revenue  in less than 3.5 years from launch

MEXICO CITY, Oct. 19, 2026 /PRNewswire/ — Plata, the world’s fastest growing digital financial institution, today announced that in September 2026 it has crossed $1 billion in Annual Recurring Revenue (ARR), reaching the milestone in less than 3.5 years from launch in April 2023 and less than a year after receiving its full banking license. Plata´s growth makes it the fastest digital bank in history to reach this benchmark, and puts it on par with some of the world’s fastest growing leading AI companies, underlining Plata’s own AI and tech capabilities.

Plata reaches this goal after having reached more than 4 million customers in Mexico and having launched operations in Colombia at the beginning of September. In Mexico, Plata is now the fourth credit card issuer in the country by number of customers, and the only digital bank with a full product suite including credit, debit, investments, and small business banking. Plata’s growth is also nearing profitability, which is expected to be reached for its Mexico business within the next 6 months.

Plata changed the rules by building a universal financial platform powered by its own technology from day one. By setting up its core banking system, the company proved that regulated financial institutions can scale at AI-like speed without undermining operating performance.

“By building our own technology from scratch, we proved that a bank can move at AI company speed without compromising anything. Now we are ready to accelerate our innovation, make finance effortless and accessible for everyone.” Neri Tollardo, CEO of Plata.

As digital adoption accelerates across Latin America, Plata´s performance sets a new benchmark for financial infrastructure scaling, financial adoption, and operational efficiency in emerging markets.

About Plata

Plata is the fastest-growing financial institution in Latin America and the largest private digital bank by customer volume. In less than three years, we reached a valuation of $3.1 billion with 4 million active credit card customers and crossed $1 billion in Annual Recurring Revenue (ARR). Backed by $1.5 billion in equity investment, 1.5 in financing, and a workforce that includes 800 in-house developers, in Banco Plata we have built our own technological ecosystem, which includes a core banking system, CRM, and an app focused on simplifying the financial experience.

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SOURCE Plata

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Trends International Announces Kenneth Smith as President and Chief Executive Officer

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Experienced executive to lead company’s next phase of retail, digital commerce and strategic growth

INDIANAPOLIS, Oct. 19, 2026 /PRNewswire/ — Trends International, LLC, a leading publisher and manufacturer of licensed posters, calendars, stickers, wall art and social stationery products, today announced that Kenneth Smith has been appointed President and Chief Executive Officer, effective May 2026.

Smith will spearhead the company’s overall strategic direction and growth initiatives across its retail, wholesale, e-commerce, licensing and direct-to-consumer businesses. In his role, Smith will oversee Trends International and its portfolio of digital businesses, including Art.com and AllPosters.com.

Smith’s appointment comes as Trends International enters a new phase of expansion focused on broadening its retail presence, accelerating e-commerce, strengthening strategic customer relationships, developing new products and licenses, and pursuing partnerships and business opportunities.

“I am honored to lead Trends International and build on the strong foundation established by the company, its founders and its talented employees,” said Kenneth Smith, “We have an exceptional portfolio of brands, licenses, products and customer relationships, and we see significant opportunities to grow the business. Our focus will be on strengthening our retail partnerships, accelerating our digital businesses, developing innovative products and creating new strategic opportunities that deliver value for our customers, consumers, licensors and partners.”

Expanding Retail and Digital Footprint
Under Smith’s leadership, Trends International will continue to invest in its core retail business while broadening its digital commerce capabilities.

The company is focused on deepening relationships with major retailers, expanding distribution, improving merchandising, and developing new product platforms designed to create incremental sales opportunities.

Trends will also continue to build Trends Digital, bringing together the company’s e-commerce capabilities and creating a platform for future digital growth and potential e-commerce acquisitions.

The company’s digital portfolio includes Art.com and AllPosters.com, providing consumers with access to millions of images, posters, prints, wall art, and complementary décor.

“Trends has a tremendous opportunity to build upon its heritage while positioning the company for the future,” Smith said. “We are focused on growth, but equally important is how we achieve that growth — through strong customer partnerships, disciplined execution, innovation and a culture that empowers our people to succeed.”

Strategic Priorities
Smith’s leadership agenda includes several key areas of focus:

Retail growth — Expand relationships and sales with major national retailers and specialty channels.Product innovation — Develop new product formats, displays and seasonal programs that create incremental retail opportunities.Digital commerce — Accelerate the growth of Trends Digital, Art.com and AllPosters.com.Strategic partnerships — Forge new licensing, brand and business partnerships that expand the company’s market opportunity.Operational excellence — Improve organizational alignment, processes, technology, and execution across the company’s businesses.Talent and culture — Build a high-performing organization focused on accountability, innovation, customer service and sustainable growth.

“Kenneth brings a strong combination of leadership, customer focus and business development experience to Trends International,” said Phil St. Jean, Founder and Co-Executive Chairman of Trends International. “His vision for the company and his commitment to our customers, employees and partners make him the right leader for this next chapter. We are excited about what the future holds for Trends International and its businesses.”

About Kenneth Smith
Kenneth Smith is an experienced business executive with a background in sales leadership, strategic account development, business development, customer relationships, and organizational transformation. Throughout his career, Smith has focused on developing strategic growth initiatives, building high-performing teams, and creating long-term partnerships with major customers and business partners.

As president and chief executive officer of Trends International, Smith is responsible for the company’s overall strategy, growth, organizational leadership and business performance.

About Trends International
Trends International, LLC is a leading publisher and manufacturer of licensed posters, calendars, stickers, wall art and social stationery products. Established in 1987, Trends built its business around strong partnerships between licensors, retailers and licensees. Today, the company delivers a broad portfolio of licensed and proprietary products distributed through major retail, specialty, and digital channels.

Art.com, acquired by Trends International in 2023, is a leading online specialty retailer of high-quality wall art and complementary décor. The business offers millions of images and products through its digital commerce platform and interactive visualization tools.

AllPosters.com, part of the Trends International family of businesses, offers consumers a broad selection of posters, prints and wall décor.

For more information about Trends International, Art.com, AllPosters.com or Kenneth Smith, contact:

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SOURCE Trends International

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