Swedish tidal energy developer Minesto made an operating loss of over Skr20m (€2m) last year, wider than the more than Skr13m deficit reported in 2020.
Minesto said the negative result is attributable to business development and administration related to technology development and includes costs, such as personnel and consultants.
Total operating income in 2021 stood at Skr41.9m, down from almost Skr44.0m in 2020.
At the end of the year, capitalised development costs amounted to Skr298.4m up from Skr225.1m in the previous year.
The company said there were also capitalised patent expenses of Skr14.4m, rising from Skr13.4m, within the intangible assets of Skr312.8m (Skr238.5m in 2020).
Minestor chief executive Martin Edlund said: “Minesto’s next generation marine power plants are commercially ready to demonstrate the viability of marine energy as indispensable baseload power in a fully renewable energy system.
“We are, to say the least, excited to demonstrate the commercial potential of the dragons during the year.”