Swedish tidal energy developer Minesto has raised over Skr44m (€4m) through a warrants programme to help fund the commercialisation of its Deep Green subsea kite technology.
A total of 6,336,031 new shares in the company were subscribed through the programme raising Skr44.4m, Minesto said.
Minesto chief exectuive Martin Edlund said: “We are pleased that so many have chosen to exercise their warrants and subscribe for new shares in Minesto.
“We will use this capital injection together with our other sources of funding to continue the development of our Deep Green technology as well as existing and new projects, to establish our product on the market.”
Minesto said the shares will be admitted to trading on Nasdaq First North as soon as the issue has been registered with the Swedish Companies Registration Office and Euroclear.
This is expected to take place about three weeks after the subscription period’s ending, which was on 8 February, it added.