GOTHENBURG, Sweden, Feb. 3, 2026 — Minesto is advancing its market entry strategy, which centers on partnering with robust local site development and project investment firms. The signing of a new Memorandum of Understanding (MOU) with ocean energy site developer Haf-Afl marks the addition of the Icelandic market to Minesto’s portfolio of actively targeted regions.

Haf-Afl possesses substantial expertise in identifying and evaluating Iceland’s tidal resources, paired with a comprehensive grasp of the local energy market.

“This partnership is a prime example of the valuable alliances Minesto seeks as we work to launch and speed up the deployment of Dragon Farms. Our immediate focus is on conducting site identification and feasibility studies to create bankable projects and a robust long-term plan for integrating tidal energy into Iceland’s future energy portfolio,” states Johannes Hüffmeier, COO of Minesto.

“Partnering with Minesto provides us with a world-leading tidal energy technology that is an excellent match for Iceland’s extensive tidal resource. We have dedicated considerable effort over many years to charting the tidal energy potential and related energy system factors. This allows us to immediately begin practical site development at selected locations in collaboration with Minesto,” says Eyvar Örn Geirsson, Managing Director of Haf-Afl.

While Iceland’s wholesale electricity prices are comparatively low, generation costs in numerous remote or off-grid areas remain high and often align with abundant local tidal resources. The future power supply is anticipated to need a more diverse technology mix, especially sources that can provide stable, forecastable electricity without placing additional strain on terrestrial natural resources.

The foundation of the Minesto-Haf-Afl collaboration is a mutual understanding of the benefits tidal energy offers Iceland, which encompass:

• Strengthening energy security and grid stability
• Providing support to remote or off-grid communities that currently depend on diesel generators
• Alleviating potential capacity constraints as electricity demand rises
• Supplying predictable, renewable power that supplements existing hydropower and geothermal production
• Requiring little land use and having low visual impact

About Haf-Afl:

Haf-Afl is an Icelandic ocean energy site developer specializing in the identification, assessment, and development of marine energy projects. The firm brings extensive experience in mapping and analyzing Iceland’s tidal and ocean energy resources, along with in-depth knowledge of the local energy system and market dynamics.

Haf-Afl concentrates on early-stage site development, feasibility studies, and project structuring to facilitate commercially sustainable renewable energy ventures. By connecting local know-how with established international technologies, Haf-Afl seeks to bolster Iceland’s future energy security with predictable, renewable power solutions that have minimal environmental footprint.

Read more about Haf-Afl at

Contact
Cecilia Sernhage, Chief Communications Officer
+46 735 23 71 58

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