Following the recent upgrade and installation of the Dragon 12 (Luna) mid-May, Minesto concludes that the system has met performance expectations as simulations predict. Most significantly, based on a 10 meter longer tether, the power performance increase is around 25% relative earlier testing. This is expected from computer simulation predictions.

These results further validate production volumes used in Minesto's business cases for commercial buildout in the Faroe Islands.

"We are really pleased to have Dragon 12 in operation with increased performance in solid alignment with computer simulated predictions. This underscores the electricity production volumes used in our Dragon farm business cases and thereby reduce investor risks," said Dr Martin Edlund, CEO of Minesto.

In addition to Dragon 12 showcasing technical performance, the production site in Vestmanna continues to serve as a live demonstration platform. Recent visits from utility partners, energy ministries, and potential commercial customers have further positioned the site as a central reference case in the global marine energy landscape.

"With the generated Dragon 12 production data and solid build-out plans in place, we are eager to engage investors and partners in taking the next step towards the world's first Dragon Farm - an array of Minesto's unique power plants," said Dr Martin Edlund.

For additional information please contact

Cecilia Sernhage, Chief Communications Officer
+46 (0)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 11:17 CEST on 12 June 2025.