Marine Energy Company Minesto Strengthens Management– Appoints new CFO and new COO

Nordic marine energy technology leader Minesto, developer of the Deep Green marine energy power plant, announces that Fredrik Ahlström has been named Minesto’s Chief Financial Officer, succeeding CFO Charlotta Ekman who will take up the position as Minesto’s Chief Operating Officer.

Mr. Ahlström joins Minesto as new CFO from Sibelco Nordic, a leading provider of industrial minerals, where he acted as CFO and was leading the financial operations of an international group encompassing mining quarries, production, logistics and global sales of industrial minerals. Mr .Ahlström also has a background as a financial ERP Consultant (Enterprise Resource Planning) and CFO of a fast growing IT company specialized in global corporate treasury functions. Throughout his career Fredrik Ahlström has held strategic positions in management teams and boards.

As Minesto’s CFO, Mr. Ahlström will lead the company's financial planning and capitalization during the development and commercialization of business, but also be responsible for the company's financial administration and reporting.

“Minesto offers an innovative technology in an industry with growing importance and global reach,” Mr. Ahlström said. “To be part of and contribute to how this completely new approach to renewable energy is developed, implemented and becomes cost effective, feels extremely inspiring. I am very proud to become a member of this dynamic and entrepreneurial team.”

Charlotta Ekman, Minesto’s new COO, has been CFO at Minesto since 2008. She has several years of experience from leading positions at high-tech ventures in the area of renewables. Her competence and experience covers a wide-ranging area in business development, including co-founding and acting as CEO for Ecoera, a bioenergy company.

“I am very enthusiastic about continuing my work at Minesto in my new role as COO,” Mrs Ekman said. “I look forward to tackle and manage the challenges in the company’s continued journey.”

Minesto’s Chief Executive Officer, Mr. Anders Jansson, said the company’s ability to attract and maintain such strong candidates is vital for the on going strength of the business and Minesto´s position within the marine energy field.

“I’m very pleased to welcome Fredrik Ahlström to Minesto as our new CFO, and Charlotta Ekman to her new position as COO,” Mr. Jansson said. “Both have extensive experience from leading positions in renewable energy, financing and organizational development. They will provide additional flexibility and capability to our management team, which is needed as we continue to grow and develop Deep Green in Holyhead, Wales.”

Minesto was recently awarded a €13m investment from the European Regional Development Fund through the Welsh Government for the commercial rollout of Deep Green in Holyhead Wales. The funding is part of the commercial roll out, including the establishment of Minesto UK Headquarters in North Wales and commissioning of the first commercial Deep Green power plant.

Minesto will install the first commercial scale 0.5MW power plant in Holyhead Deep and continue with additional deployments in what will eventually be an array with a total capacity of 10MW, expected to be operational in 2019. The 10MW array will supply electricity to the equivalent of 8,000 households and create significant employment opportunities in both the construction and operational phases.

A quarter scale prototype of Deep Green is currently producing electricity in the waters off Strangford Lough, Northern Ireland. Deep Green is the only known marine power plant designed to produce electricity from low velocity tidal and ocean currents, and as such significantly expands the global marine energy potential.