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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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Legrand Launches Starline T5 DoubleBar, the Highest Ampacity Open-Channel Track Busway with Most Pluggable Space

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WEST HARTFORD, Conn., Oct. 20, 2026 /PRNewswire/ — Legrand, the global specialist in electrical and digital building infrastructures, today launched the Starline T5 DoubleBar track busway. Engineered specifically for high-density environments, the T5 DoubleBar offers the highest ampacity open-channel busway available on the market with the most pluggable space, addressing the exponential power demands of artificial intelligence and high-performance computing.

By featuring a configuration with two T5 bars in parallel, the system delivers up to 2000A, enabling robust power distribution for high-density environments. This hybrid busway design successfully combines open-channel flexibility with busduct-level ampacity for maximum adaptability.

“As AI workloads push rack densities past 100kW, data center operators have been forced into a clear trade-off: install heavy, rigid busducts to get high amperage, or use track busways to maintain operational flexibility,” said Mark Swift, Vice President of Engineering for Starline, a brand of Legrand. “With the T5 DoubleBar, we’ve completely eliminated that compromise. By delivering 2000A in a continuous open-channel architecture, we give operators the raw power density of a traditional busduct without forcing them to clutter their white space with redundant  busway runs or sacrifice the agility to reconfigure on the fly.”

Key Features and Benefits of the Starline T5 DoubleBar

The T5 DoubleBar eliminates spacing constraints common in traditional busduct systems and minimizes the whitespace footprint in dense data center layouts.

Unmatched AI & HPC Support: The system handles rack loads up to 150kW, meeting next-gen data center demands. It is also compatible with LVDC installations to 1000VDC.Increased Pluggable Space: The high-density double-bar architecture utilizes parallel conductors to increase amperage and pluggable space without increasing the system’s footprint.Zero-Downtime Reconfiguration: Hot-pluggable tap-off capability allows for the safe, live installation and removal of tap-off units without a system shutdown, maximizing operational continuity.True Modularity and Scalability: The modular design supports multiple ratings without system redesign. Furthermore, it is designed for future expansion up to 5000A, protecting long-term capital investments.Complete T5 Ecosystem Compatibility: The system maintains open-channel plug-in access and full compatibility with all existing T5 plug-in units.

Launching Alongside High-Capacity Plug-in Unit (HCP)

To complete this end-to-end high-density power distribution system, Legrand is simultaneously launching a new High-Capacity Plug-in Unit (HCP) designed for seamless integration directly on T5 infrastructure, including the new DoubleBar.

These new plug-in units offer up to 250A capacity and multiple enclosure formats, delivering more power through a single unit. By powering high-density AI and HPC racks directly, the HCP reduces the need for multiple lower-amperage plug-ins, simplifying the overall power delivery architecture.

For more information on the Starline T5 DoubleBar and High-Capacity Plug-in Units, visit the Starline website.

About Legrand:

Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for residential, commercial, and datacenter markets makes it a benchmark for customers worldwide. The Group harnesses technological and societal trends with lasting impacts on buildings with the purpose of improving life by transforming the spaces where people live, work and meet with electrical, digital infrastructures and connected solutions that are simple, innovative and sustainable. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing a strategy of profitable and responsible growth driven by acquisitions and innovation, with a steady flow of new offerings that include products with enhanced value in use. Legrand reported sales of €9.5 billion in 2025. The company is listed on Euronext Paris and is a component stock of the CAC 40, CAC 40 ESG and CAC Transition Climat indexes (code ISIN FR0010307819). www.legrand.us

Media Contact:

Jaymie Scotto & Associates
+1 866.695.3629 ext. 19
jsa_legrand@jsa.net

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SOURCE Legrand DPC LLC

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Trinity Acquires Verix, Adding AI-Powered Next-Best-Action and Omnichannel Orchestration to the TrinityEDGE Platform

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Verix’s patented Tovana™ platform and its full team join Trinity, extending TrinityEDGE™ from what commercial teams know into what they do next

WALTHAM, Mass., Oct. 20, 2026 /PRNewswire/ — Trinity, the leader in integrating human and artificial intelligence for life sciences commercialization, today announced it has acquired Verix, the pharma-native commercial intelligence company behind the patented, AI-powered Tovana™ platform. Tovana is live today in global pharma, biotech, and specialty pharma commercial organizations, where it turns prescription, claims, clinical, and engagement data into continuous next-best-action, dynamic targeting, and omnichannel orchestration for brand, field, and digital teams. The acquisition brings Verix’s entire team into Trinity and adds an AI execution layer to TrinityEDGE. Terms were not disclosed.

Why now

Pharma has already bought AI but has not yet realized the pay off. Trinity’s 2025 Commercial and Medical IT benchmark found that 100 percent of surveyed organizations had adopted generative AI in some capacity, yet innovation confidence averaged just 3 out of 5, and every respondent described their organization as only somewhat prepared to respond rapidly to industry change. A separate Trinity benchmark of new product planning and commercial strategy leaders found only 10 percent had a clear AI strategy they were scaling across workflows. Adoption is universal yet impact is not.

The reason is rarely the model. It is the distance between an insight and the moment someone acts on it. Targeting lists go stale between planning cycles. Omnichannel plans degrade. Next-best-action tools get ignored because reps cannot see why they should trust them. Brands pay twice, once for insight and again for a separate execution vendor, and still struggle to show impact. Closing that insight-to-action loop is the problem TrinityEDGE with Tovana will solve.

The acquisition also advances Trinity’s growth strategy. Over the past three years Trinity has augmented its advisory and insights services with the TrinityEDGE productized commercialization platform, adding software, data, and AI alongside 1,500 professionals in 14 offices on five continents. Verix deepens Trinity’s presence with the brand, field, and digital buyers who sit beyond its traditional strategy and insights relationships, and establishes a dedicated AI and product development center to build and ship commercial AI at scale.

Proof, not promise

Tovana is not a new build. It has been developed and validated in live pharmaceutical and biotech deployments since 2007, across large global pharma, mid-size biotech, and specialty and rare disease organizations.

Deployed at scale in oncology and specialty markets. Tovana supports commercial teams at global pharmaceutical companies and emerging biotechs, including publicly referenced work and support for the U.S. launch of a targeted oncology immunotherapy in a market its sponsor estimates at more than $400 million.

Measured commercial lift. One of the largest pharmaceutical oncology divisions in the United States increased leading KPIs, including new prescriptions, by 15 to 25 percent with Tovana. A rare oncology therapy team improved field-facing NPS by 12x.. A medical device commercial team improved sales outcomes within three months of implementation.

Time to value measured in weeks. Tovana’s pharma-specific data foundation, automated data pipelines, and pre-built model toolkit mean clients adopt targeting and engagement models already proven in live deployments, with rapid configuration and deployment inside a single planning cycle.

What clients get

A plan that holds up between quarters. Targeting, segmentation, and channel mix update against what the market is actually doing, so the engagement plan approved in January is still the plan operating in June.

Guidance the field will actually use. Recommendations arrive sourced and explainable, grounded in Trinity’s therapeutic, launch, and benchmarking depth, and delivered inside the field workflow through FieldAdvisor. That is the difference between a next-best-action a rep follows and one a rep ignores.

One partner instead of two. Existing Trinity clients get a path from insight they already own to execution, without standing up another vendor or rebuilding integrations. Existing Verix clients keep the product, roadmap, and support they rely on, and gain Trinity’s launch, market access, and competitive benchmarking context.

Tovana capabilities will be progressively integrated into the TrinityEDGE single sign-on environment over the coming months, strengthening CustomerEDGE™ execution, with the first joint offerings expected to reach clients in 1H 2027. Verix CEO Doron Aspitz joins Trinity’s leadership team and will continue to guide the Tovana roadmap.

Leadership perspective

“Every commercial leader I meet is asking how to put AI to work where it actually changes a call, a channel mix, or a forecast,” said Scott Evangelista, Chief Executive Officer of Trinity. “Insight has outpaced execution. Teams are rich in disparate analysis and thin in decisive action in front of a customer. Verix closes that gap. Next-best-action, dynamic targeting, and omnichannel orchestration now sit inside TrinityEDGE, proven in live pharma deployments and backed by 30 years of therapeutic and commercial judgment. That is what it means to lead in integrating human and artificial intelligence for life sciences commercialization.”

“We built Verix on one conviction: commercial teams deserve intelligence that is timely, explainable, and usable in the flow of work,” said Doron Aspitz, Chief Executive Officer of Verix. “Joining Trinity is the natural next step. Clients keep the product they rely on and gain the launch, access, and competitive context that tells them whether performance is genuinely competitive. I am proud of what our teams have built and energized by what we can now build together.”

About Verix

Verix is a leading provider of advanced commercial optimization solutions for the life sciences industry. Its flagship product, Tovana™, is a patented, AI-powered SaaS platform that enables life sciences companies to optimize commercial strategy and execution. Tovana integrates advanced machine learning, agentic workflows, and deep domain expertise into a single, intuitive platform, supporting dynamic targeting and segmentation, next best action, omnichannel orchestration, patient discovery, therapeutic landscape analysis, opportunity assessment, and bottom-up forecasting. Founded in 2007, Verix serves pharmaceutical, biotech, and specialty pharma commercial organizations from offices in the United States and Israel.

About Trinity

Trinity is a life sciences commercialization company that combines deep therapeutic, functional, and commercial expertise with AI-powered platforms. For more than 30 years, pharmaceutical, biotech, and medtech companies have relied on Trinity to connect strategy, data, and execution—supporting better decisions, more confident launches, and sustained commercial performance. Trinity helps clients turn insight into action and bring innovations to market with greater speed and confidence. Learn more at trinitylifesciences.com.

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SOURCE Trinity

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Baker Hill Launches $10,000 Battle of OKC Pitch Competition for Veteran Entrepreneurs

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New competition brings Baker Hill, The Verge OKC, IVMF, Gradient, and Oklahoma SBDC together to support Oklahoma veterans as they build and grow businesses

OKLAHOMA CITY, Oct. 20, 2026 /PRNewswire/ — Oklahoma veteran entrepreneurs will have the opportunity to compete for $10,000, showcase their businesses and connect with resources to help them grow through Battle of OKC, a new business pitch competition culminating live on Veterans Day in Oklahoma City.

Baker Hill today announced the competition in collaboration with The Verge OKC and the Institute for Veterans and Military Families (IVMF), Gradient and Oklahoma SBDC. Battle of OKC will bring veteran entrepreneurs together with business leaders, mentors and community resources while giving them a platform to put their ideas and businesses in the spotlight.

“Veterans know how to lead, adapt and find a way forward when the path isn’t obvious — the same qualities it takes to build a business,” said Andy Ivankovich, chairman and CEO of Baker Hill. “Battle of OKC is about putting opportunity behind that potential. We want to give veteran entrepreneurs a platform to tell their stories, connect with people and resources that can help them grow and compete for capital that can make a meaningful difference in what comes next.”

Battle of OKC is open Veteran entrepreneurs whose business is majority veteran-owned, has operated for at least one year, and is registered in Oklahoma. Applicants will begin by submitting a three-minute video introducing their business, the opportunity they see and why they are ready to take the next step. A panel will select 10 entrepreneurs to advance to finals.

Ten finalists will then advance to the live Battle of OKC on Veterans Day, Wednesday, Nov. 11, at the Verge in Oklahoma City, where they will pitch before a panel of judges and compete for a $10,000 grand prize.

The Verge OKC, a nonprofit community that helps turn ideas into impactful businesses, will help recruit and coach participating entrepreneurs throughout the competition.

“The Verge is all about connecting entrepreneurs with the people, resources, and opportunities they need to turn their ideas into thriving businesses”, said Kristin Garcia, Executive Director. “We’re excited to be part of Battle of OKC and to purposefully create space for our military community to engage with Oklahoma’s entrepreneurial ecosystem. Veterans bring valuable skills, leadership, and unique perspectives to business ownership, and they deserve to know there’s a community here ready to support them as they build and grow their businesses.”

The D’Aniello Institute for Veterans and Military Families (IVMF), will provide support outreach and recruitment/connect participating veterans with entrepreneurship resources/provide expertise.

“Just last month, we brought together veteran entrepreneurs, business leaders, and community partners in Oklahoma City for the Military Entrepreneurship Forum. Battle of OKC is a great example of how that momentum continues, with the community coming together to recognize, celebrate, and invest in Oklahoma’s veteran-owned businesses, said Barbara E. Carson, Managing Director, Programs and Policy. D’Aniello Institute for Veterans and Military Families. “At the D’Aniello IVMF, we know that when veteran entrepreneurs have access to the right networks, resources, and opportunities, they can build thriving businesses that strengthen their communities.”

Oklahoma SBDC will also provide recruitment and pitch coaching for the finalists the week of the event. “This collaboration brings together partners with complementary expertise to support Oklahoma’s veteran business owners,” said Dr. Michele Hockersmith, state director of the Oklahoma SBDC. “Our role is to help entrepreneurs connect their pitch to a sound business strategy, with clear financials and realistic growth plans. That preparation has value for the competition and beyond.”

Battle of OKC is designed to provide more than a stage and a prize. By bringing together veteran entrepreneurs, business leaders and organizations committed to supporting entrepreneurship, the competition creates connections and access to expertise that can continue well beyond the final pitch.

Veteran entrepreneurs interested in competing can learn more about eligibility and submit their three-minute video pitch at www.bakerhill.com/okc. Applications close October 29. Ten finalists will be selected to compete live in Oklahoma City on Veterans Day.

About Baker Hill
Baker Hill is the leading provider of commercial lending technology for banks and credit unions across the United States. Each month, financial institutions use Baker Hill’s platform to process more than $7 billion in lending originations — helping them Lend Better, Lend Faster, and Lend More™ in their communities. Backed by Flexpoint Ford, a private equity firm, Baker Hill delivers the scale, security and innovation required to meet the demands of modern banking. The company is headquartered in Carmel, Indiana, with operations in Santa Barbara, California. For more information, visit www.bakerhill.com.

About The Verge OKC
The Verge OKC, a 501(c)(3) nonprofit community that helps turn ideas into impactful businesses, will help recruit and coach participating entrepreneurs throughout the competition. Learn more: https://www.vergeokc.com 

About the D’Aniello Institute for Veterans and Military Families
The IVMF at Syracuse University is higher education’s first interdisciplinary academic institute, singularly focused on advancing the post-service lives of the nation’s military veterans and their families to serve those who have served. Learn more: https://ivmf.syracuse.edu 

About Oklahoma SBDC
The Oklahoma Small Business Development Center (Oklahoma SBDC) provides confidential, no-cost business advising, training and market research to help entrepreneurs start and grow businesses statewide. Hosted by Southeastern Oklahoma State University, the state-wide network helps business owners strengthen financial plans, prepare for financing and pursue growth opportunities. Learn more at www.oksbdc.org.

About Gradient
Gradient represents the blending of diverse ideas, people, and perspectives, adding texture and depth to our community. As one of the nation’s largest innovation hubs, Gradient fosters meaningful connections, nurtures bold ideas, and provides concierge introductions to entrepreneurial resources. Learn more at www.joingradient.com

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SOURCE Baker Hill

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