Minesto, leading ocean energy developer, and Taiwan Cement Green Energy (TCCGE) have entered into a collaboration agreement to pursue tidal and ocean current energy build out in Taiwan. The agreement covers assessments of economic and technical feasibility of selected sites, site development, and applications for feed in tariffs.

The energy transition agenda in Taiwan is ambitious but with significant challenges given the large share of fossils currently relied on (95%) The available ocean energy resource, when matched with the right technologies, opens up an opportunity to move forward rapidly and with higher ambitions. In 2022, a new Ocean Energy electricity feed-in tariff was introduced to support the transition into renewable energy.

"Taiwan Cement is an experienced and successful developer of renewable energy production in Taiwan with a strong focus on pioneering projects and an openness for new technologies. Minesto's Dragons are still in the early stage of commercial deployment and that makes this collaboration even more valuable for us, them and Taiwan," says Dr Martin Edlund, CEO of Minesto.

"Our long-term commitment to Taiwan can finally bear fruit. We are looking forward to working with one of the strongest and most renowned companies in Taiwan to seek synergies in local production and supporting infrastructure, while leveraging on Taiwanese manufacturing and technology strengths," says Dr Yung-Lung Chen, Project Manager of Minesto Taiwan.

"We have a lot to investigate and pursue, that makes it even more important to accelerate development and push forward. We are looking forward to the collaboration," comments William C.L. Weng, President of TCCGE.

For additional information please contact

Cecilia Sernhage, Communications Manager
+46 735 23 71 58
ir@minesto.com

The information in this press release is such that Minesto AB (publ) shall announce publicly according to the EU Regulation No 596/2014 on market abuse (MAR). The information was submitted for publication, through the agency of the contact person set out above, at 09:00 CET on 27 February 2023.

About Minesto

Minesto is a leading marine energy technology company with the mission to minimise the global carbon footprint of the energy industry by enabling plannable commercial power production from the ocean.

Minesto's award winning and patented product is the only verified marine power plant that operates cost efficiently in areas with low-flow tidal streams and ocean currents.

With more than €40 million of awarded funding from the European Regional Development Fund through the Welsh European Funding Office, European Innovation Council and InnoEnergy, Minesto is the European Union's largest investment in marine energy to date.

Minesto was founded in 2007 and has operations in Sweden, the Faroe Islands, Wales, Northern Ireland and Taiwan. The major shareholders in Minesto are BGA Invest and Corespring New Technology. The Minesto share (MINEST) is traded on Nasdaq First North Growth Market. Certified Adviser is G&W Fondkommission, email: ca@gwkapital.se, telephone: +46 8 503 000 50.

Read more about Minesto at www.minesto.com

Press images and other media material is available for download via minesto.com/media

Financial information including reports, prospectuses and company descriptions is available in Swedish at www.minesto.com/investor.

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