REG - Ampeak Energy Ltd. - Ampeak Energy Interim Results
26/09/2025 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250926:nRSZ8960Aa&default-theme=true
RNS Number : 8960A Ampeak Energy Limited 26 September 2025
26 September 2025
AMPEAK ENERGY LIMITED
("Ampeak Energy" or the "Company")
Interim Results
Ampeak Energy announces its unaudited interim results for the six months ended
30 June 2025. A complete version of the interim results can be found on the
Company website www.ampeak.energy.
Chairman's Statement
The Group's key focus for the first half of 2025 was on achieving financial
close of the Afon Wysg 1 project ("AW1"), a 240 MWh Battery Energy Storage
System ("BESS") project located at the Group's Uskmouth Sustainable Energy
Park ("USEP").
On 5 August 2025, post-period, we were delighted to announce that we had
reached financial close of AW1. This marks a major milestone for the Group as
its first battery project developed and then taken to financial close and in
which it retains a majority controlling shareholding.
The total cost for the project is £67.4 million, of which £45.3 million is
being provided from a project financing facility from Nord/LB, with the
remainder funded by the AW1 project company shareholders. The Company is
retaining a 75.3% controlling shareholding in the AW1 project company. Whilst
the Group has developed a first battery project at the USEP, it divested this
project in 2023 to another developer prior to financial close and has used a
part of the proceeds to fund equity for the AW1 project. The AW1 project is
forecast to commence operations in Q4 2026 and generate for the Group average
revenues of £13 million per annum and average EBITDA of £9 million per
annum in its first five full years of operation, which will be transformative
for cashflows.
Whilst the Group's focus during the reporting period was towards financial
close of the AW1 project, progress was made in the other development projects,
detailed further below, in particular the development of battery projects at
the USEP and adjacent to MeyGen, as well as continuing early-stage development
of other opportunities at the USEP. In light of the uncertainties created by
National Grid's ongoing connections reform process, the Group has also
commenced exploring battery opportunities in other markets to mitigate any
delays to its existing battery project pipeline.
Whilst the Group reported a loss for the six months to 30 June 2025, the loss
was reduced compared to the same period last year, as a result of an
improvement in financial performance of the MeyGen Phase 1 operating tidal
array and the Group's continued discipline in controlling corporate and other
operating costs.
Following approval by shareholders at the Company's Annual General Meeting, on
20 August 2025 the Company announced a change of name from SIMEC Atlantis
Energy Limited to Ampeak Energy Limited, with a change in the Company's stock
market ticker to AMP. The change of name, following financial close of the AW1
project, signals the Group's increased focus on battery projects and the wider
transition to net zero. The name change was supported by the Company's
shareholder, SIMEC, reflecting its reduced minority shareholding in the
Company relative to the time of its initial investment.
Projects Updates
Battery Storage
We continue to develop additional projects at the USEP. This site continues to
benefit from its strategic location with existing grid and logistical
infrastructure. USEP continues to receive strong support from the local
community and planning authorities for the redevelopment of the site. The
additional projects under development are:
· AW2, with a planned capacity of 500 MWh and which is currently
in the planning process with approval expected in Q4 2025. This project has a
target grid connection date of 2029.
· AW3, with a planned capacity of 700 MWh, which has a target grid
connection date of 2037.
The connection date for both of these projects is subject to National Grid's
connections reform process which is currently ongoing.
The "Mey BESS" project in the North of Scotland, with a planned capacity of
1.2 GWh, is now with the Scottish Government Energy Consents Unit for
determination, with planning consent expected to be granted in Q4 2025. This
project has a target grid connection date of 2029, and whilst it is subject to
the connections reform process, it does benefit from having protected status.
Several additional BESS opportunities have been identified by the management
team, a number of which are in collaboration with existing partners. Whilst
discussions are still at an early stage, they provide the opportunity for us
to grow our portfolio further and we look forward to providing further details
on these projects as they are progressed.
Tidal Stream
MeyGen Phase 1
The MeyGen Phase 1 array has continued to break generation records on a
monthly basis with three turbines currently in stable operations. The fourth
is non-operational due to an export cable fault which is due to be remedied
during Q4 2025. The MeyGen operations team is doing an excellent job in
operating and maintaining the MeyGen Phase 1 turbines and has developed
invaluable expertise and experience that is enabling the ongoing successful
operation of MeyGen Phase 1, which is being brought to the development of
MeyGen Phase 2.
MeyGen Phase 2
We continue to explore options for the development of the MeyGen Phase 2
project, which remains challenging. We continue to strongly believe that tidal
power should form an important part of the energy mix as one of the few
sources of predictable renewable power generation, however, there remain
significant permitting, transmission connection and funding challenges to be
overcome, as well as the need to demonstrate the next generation of tidal
turbines that future phases of the project would need to deploy to ensure
their financially viability.
................................
Summary of Results
The Group reported a loss before tax of £4.6 million for the six-month period
to 30 June 2025 (H1 2024: £6.0 million), an improvement on the same period
last year supported by higher power generation and lower maintenance costs at
the MeyGen tidal array and maintaining, corporate and other operating costs at
similar levels to the prior period.
The Group reported revenues of £3.5 million for the six months ended 30 June
2025 (H1 2024: £12.1 million). The prior period results included £9.9
million from the sale of land at Uskmouth which was not repeated in H1 2025.
Revenues available to the Group, which excludes ring-fenced revenue earned by
the MeyGen tidal array, were £0.4 million (H1 2024: £10.1 million).
Revenues generated from the sale of electricity from the MeyGen Phase 1 tidal
array improved to £3.2 million (H1 2024, £1.9 million) following the
successful deployment of the fourth turbine in November 2024. Electricity
generation from the array for the six-month period to 30 June 2025 increased
to 7.9GWh (H1 2024: 5.1GWh)
Operating costs were stable at £4.6 million (H1 2024: £4.5 million). Costs
associated with the operation and maintenance of the MeyGen array fell to
£1.0 million (H1 2024: £1.5 million) in the latest six-month period
following the successful deployment of the fourth turbine in November 2024. A
reduction of £0.8m to the previously reported value of the sale of land on
which the AW1 battery project is being built is included in operating costs.
Employee costs were comparable with the same period last year at £2.0 million
(H1 2024: £1.9 million).
Corporate costs and estates maintenance fees at the Uskmouth Sustainable
Energy Park remained steady at £0.9 million (H1 2024: £1.0 million).
Financing costs increased to £3.0 million (H1 2025: £2.7 million) due to
higher accrued interest on the MeyGen debt. Interest payable to bondholders
during the six-month period increased slightly to £0.7 million (H1 2024:
£0.6 million).
Business Segment Reporting
The Project Development segment represents development expenditures incurred
on projects. Where projects reach financial close, for example the AW1 BESS
project, as announced post-period on 5 August 2025, eligible development costs
are capitalised. In H1 2025 £2.5 million of development costs incurred on the
AW1 BESS project were capitalised. Where projects are in the process of being
developed, those development costs are reported in this segment as operating
costs. Where projects do not become commercially viable their development
costs are reported as operating costs in this segment.
The Tidal Stream segment reported EBITDA of £2.3 million (H1 2024: £0.4
million) following the successful redeployment of the Meygen array's fourth
turbine in November 2024 and, subsequently, all four turbines generating
electricity throughout most of H1 2025. With all four turbines in operation,
turbine maintenance costs were materially lower contributing to the improved
financial performance of the array. The Tidal Stream segment's financial
performance is materially impacted by accrued interest expense on the
predominantly non-recourse MeyGen project debt, included below in financing.
During the reporting period, the Battery Storage segment reported an EBITDA
loss of £0.8 million (H1 2024: EBITDA profit: £9.2 million). The prior
period EBITDA profit included the receipt of revenue from the land sale
contract with EL (Uskmouth) Ltd, which was not repeated in H1 2025. Operating
costs of £1.0 million include a reduction of £0.8 million from the
previously reported value of £9.8 million for the sale of land on which the
AW1 battery system storage project is being built.
The Corporate segment includes employee costs and those costs associated with
running an AIM listed and Singapore incorporated group. The financing cost
reported in this segment is the semi-annual interest expense payable to
Abundance bondholders.
Business Segment Analysis June 2025
Project Dev't Tidal Stream Battery Storage Corporate Total
£' 000 £' 000 £' 000 £' 000 £' 000
Revenues 95 3,247 230 58 3,630
Operating costs (125) (986) (1,031) (2,483) (4,625)
EBITDA (30) 2,261 (801) (2,425) (995)
Depreciation and amortisation - (548) - (83) (631)
Results from operating activities (30) 1,713 (801) (2,508) (1,626)
Financing - (2,076) (329) (618) (3,023)
Reportable segment profit/(loss) before tax (30) (363) (1,130) (3,126) (4,649)
The unaudited consolidated cash position of the Group at 30 June 2025 was
£5.3 million (30 June 2024: £7.7 million). Included in cash and cash
equivalents in the statement of financial position are encumbered deposits of
£0.7 million (30 June 2024: £0.7 million).
Duncan Black
Chairman
Condensed consolidated statement of profit and loss and
other comprehensive income
For the six months ended 30 June 2025
Group
Six months ended
30 June 30 June
2025 2024
£'000 £'000
Revenue 3,467 12,013
Other gains and losses 163 79
Transfer of land inventory on recognition of sale - (9,900)
Changes in land inventories in advance of sale (770) -
Employee benefits expense (1,997) (1,933)
Subcontractor costs (537) (715)
Depreciation and amortisation (631) (1,034)
Other operating expenses (1,321) (1,799)
Total expenses (5,256) (15,381)
Results from operating activities (1,626) (3,289)
Finance costs (3,023) (2,679)
Profit/(loss) before tax (4,649) (5,968)
Tax (charge)/ credit - -
Profit/(loss) for the period (4,649) (5,968)
Other comprehensive income:
Items that are or may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations - 9
Total comprehensive income/(loss) for the period (4,649) (5,959)
Profit/(loss) attributable to:
Owners of the Group (4,559) (5,415)
Non-controlling interests (90) (544)
Total comprehensive income/(loss) attributable to:
Owners of the Group (4,559) (5,415)
Non-controlling interests (90) (544)
Profit/(loss) per share (basic and diluted) 5 (0.01) (0.01)
Condensed consolidated statement of financial position
As at 30 June 2025
Group
30 June 31 December 2024
2025
£'000 £'000
Assets
Property, plant and equipment 34,388 34,923
Investment Property 51,656 49,129
Intangible assets - 0
Right-of-use assets 1,664 1,760
Investment in subsidiaries - -
Investment in joint ventures and other investments 459 219
Loans receivable 258 258
Non-current assets 88,425 86,289
Trade and other receivables 13,094 12,992
Inventories 9,000 9,770
Cash and cash equivalents 5,340 5,962
Current assets 27,434 28,724
Total assets 115,859 115,013
Liabilities
Lease liabilities (178) (175)
Loans and borrowings (16,457) (15,673)
Trade and other payables (7,558) (9,734)
Current liabilities (24,193) (25,582)
Lease liabilities (1,489) (1,547)
Provisions (11,265) (10,986)
Loans and borrowings (49,534) (42,939)
Deferred tax liabilities (16,752) (16,752)
Non-current liabilities (79,040) (72,224)
Total liabilities (103,233) (97,806)
Net assets (12,626) 17,207
Equity
Share capital 201,496 201,496
Capital reserve 12,665 12,665
Translation reserve 7,095 7,089
Share option reserve 393 331
Revaluation reserve 9,740 9,740
Accumulated losses (213,718) (209,159)
Total equity attributable to owners of the Company 17,671 22,162
Non-controlling interests (5,045) (4,955)
Total equity 12,626 17,207
Condensed consolidated statement of changes in equity
For the six months ended 30 June 2025
Attributable to owners of the Company
Share Capital Translation reserve Share Accumulated losses Total Non- Total
reserve
controlling interest
capital option Revaluation Reserve
reserve
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Group
At 31 December 2023 (Restated) 201,496 12,665 7,089 488 13,311 (189,360) 45,689 2,140 47,829
Total comprehensive income for the period
(Loss)/profit for the period - - - - - (5,424) (5,424) (544) (5,968)
Other comprehensive income - - 9 - - - 9 - 9
Total comprehensive income for the period - - 9 - - (5,424) (5,415) (544) (5,959)
Transactions with owners
Contributions and distributions
Recognition of share-based payments - - - 117 - - 117 - 117
Cancellation of share options - - - (319) - 319 - - -
Total transactions with owners - - - (202) - 319 117 - 117
At 30 June 2024 (Restated) 201,496 12,665 7,098 286 13,311 (194,465) 40,391 1,596 41,987
Total comprehensive income for the period
(Loss)/Profit for the period - - - - - (14,700) (14,700) (4,453) (19,153)
Other comprehensive profit/(loss) - - (9) - (4,730) - (4,739) (939) (5,678)
Total comprehensive income for the period - - (9) - (4,730) (14,700) (19,439) (5,392) (24,831)
Transactions with owners
Contributions and distributions
Recognition of share-based payments - - - 51 - - 51 - 51
Cancellation of share options - - - (6) - 6 - - -
Changes in ownership interest in subsidiaries 1,159 1,159 (1,159)
without a change in control
Total transactions with owners - - - 45 - 6 51 - 51
At 31 December 2024 201,496 12,665 7,089 331 9,740 (209,159) 22,162 (4,955) 17,207
Total comprehensive income for the period
Profit/(Loss) for the period - - - - - (4,559) (4,559) (90) (4,649)
Other comprehensive income - - 6 - - - 6 - 6
Total comprehensive income for the period - - 6 - - (4,559) (4,553) (90) (4,643)
Transactions with owners
Contributions and distributions
Recognition of share-based payments - - - 62 - - 62 - 62
Cancellation of share options - - - - - - - - -
Total transactions with owners - - - 62 - 62 - 62
At 30 June 2025 201,496 12,665 7,095 393 9,740 (213,718) 17,671 (5,045) 12,626
Condensed consolidated statement of cash flows
For the six months ended 30 June 2025
Group
Six months ended
30 June 30 June
2025 2024
£'000 £'000
Cash flows from operating activities
Profit/(loss) before tax for the period (4,649) (5,968)
Adjustments for:
Depreciation of property, plant and equipment 631 1,034
Interest income (74) (63)
Finance costs 3,023 2,679
Share-based payments 62 117
Translation reserve movement 14 -
Net foreign exchange - 10
Operating cash flows before movements in working capital (993) (2,191)
Movement in trade and other receivables (102) (2,297)
Decrease in inventories 770 9,239
Movement in trade and other payables (2,241) (411)
Interest paid (21) -
Interest received 74 63
Net cash used in operating activities (2,513) 4,403
Cash flows from investing activities
Investment in Joint Venture (240) -
Additions of investment properties (2,528) -
Net cash from financing activities (2,768)
Cash flows from financing activities
New loan received 5,000 -
Repayment of borrowings - -
Deposits (pledged) / released (12) (18)
Payment of lease liabilities (119) (119)
Interest paid (219) (737)
Net cash from financing activities 4,650 (874)
Net (decrease)/increase in cash and cash balances (631) 3,529
Cash and cash equivalents at beginning of period 5,252 3,473
Effect of foreign exchange on cash held in currency - 1
Cash and cash equivalents at end of period 4,621 7,003
Included in cash and cash equivalents in the statements of financial position
is £0.7 million (2024: £0.7 million) of encumbered deposits.
Notes to the Consolidated Interim Financial Statements
The condensed consolidated statement of financial position of Ampeak Energy
Limited (the "Company") and its subsidiaries (the "Group") as at 30 June 2025,
the condensed consolidated statement of profit or loss and other comprehensive
income, the condensed consolidated statement of changes in equity and the
condensed consolidated statement of cash flows for the Group for the six-month
period then ended and certain explanatory notes (the "Consolidated Interim
Financial Statements"), were approved by the Board of Directors for issue on
the 25(th) September 2025.
These notes form an integral part of the Consolidated Interim Financial
Statements.
The Consolidated Interim Financial Statements do not comprise statutory
accounts of the Group within the meaning in the provisions of the Singapore
Companies Act, Chapter 50. The Group's statutory accounts for the year ended
31 December 2024 were prepared in accordance with Singapore Financial
Reporting Standards (International) (SFRS(I)) and International Financial
Reporting Standards (IFRS). SFRS(I)s are issued by the Accounting Standards
Council Singapore, which comprise standards and interpretations that are
equivalent to IFRS issued by the International Accounting Standards Board. All
references to SFRS(I)s and IFRSs are subsequently referred to as IFRS in these
financial statements unless otherwise specified.
The Group's statutory accounts for the year ended 31 December 2024 were
approved by the Board of Directors on 30 June 2025.
Domicile and activities
Ampeak Energy Limited (the "Company") is a company incorporated in Singapore.
The address of the Company's registered office is Level 4, 21 Merchant Road,
#04-01 Royal Merukh S.E.A, Singapore 058267. The principal place of business
is 26 Dublin Street, Edinburgh, EH3 6NN, United Kingdom.
The principal activities of the Group are being a developer, builder, owner
and operator of sustainable energy projects. The principal activities of the
Company are those of a holding company.
Material Accounting Policies
Basis of preparation
The financial statements have been prepared in accordance with Singapore
Financial Reporting Standards (International) ("SFRS(I)") and IFRS. SFRS(I)s
are issued by the Accounting Standards Council Singapore, which comprise
standards and interpretations that are equivalent to IFRS issued by the
International Accounting Standards Board.
Selected explanatory notes are included to explain events and transactions
that are significant to an understanding of the changes in financial position
and performance of the Group since the last annual consolidated financial
statements as at and for the year ended 31 December 2024.
The Consolidated Interim Financial Statements, which do not include the full
disclosures of the type normally included in a complete set of financial
statements, are to be read in conjunction with the last issued consolidated
financial statements of the Group as at and for the year ended 31 December
2024.
Accounting policies
The accounting policies and method of computation used in the Consolidated
Interim Financial Statements are consistent with those applied in the last
issued consolidated financial statements of the Group for the year ended 31
December 2024.
Critical Accounting Judgements and Key Sources of Estimation Uncertainty
In preparing this set of Consolidated Interim Financial Statements, the
significant judgements made by management in applying the Group's accounting
policies and the key sources of estimation uncertainty were the same as those
that applied to the consolidated financial statements for the year ended 31
December 2024.
Going concern basis
In adopting the going concern basis for preparing the Consolidated Interim
Financial Statements, the Board has considered the Group's business
activities, together with factors likely to affect its future development, its
performance and principal risks and uncertainties.
The Board has undertaken the assessment of the going concern assumptions using
financial forecasts for the period to 31 December 2026. Management's forecasts
through to 31 December 2026 anticipate that a combination of receipt of the
second tranche of a loan from the Cardiff Capital Region, ("CCR"), as
announced on 16 April 2025, of £3.5 million and revenues from trading will
meet all the working capital requirements of the Group.
Management has prepared a forecast through to 31 December 2026 based on
contractually committed revenues and costs, the forecast drawdown of the CCR
loan facility, capital and interest payments due to bondholders and an
estimate of discretionary costs that may be expended within the forecast
period.
The Directors' assessment of the appropriate use of the going concern basis
included the following risk factors:
· Delay in receiving the Additional Capacity Payment of £5.2
million in Q3 2026 from Uskmouth Energy Storage Limited for the expansion of
capacity at their BESS project from 230MW to 350MW.
· Delay to the drawdown of the second tranche of the CCR loan of
£3.5 million. The drawdown of this loan is predicated on the AW2 BESS project
receiving planning permission. The planning application was submitted in the
first quarter of 2025 and its review by Cardiff City Council is well advanced
with a decision expected in the fourth quarter of 2025. Based on recent and
ongoing discussions with Cardiff City Council and that Ampeak has already been
successful in consenting two other BESS projects on the same site, management
has no cause to expect that planning permission will be delayed or refused.
· The potential for repayment of historical grant funding of an
amount of £3.8 million. The Board are of the view that there are grounds for
disputing any clawback of this grant and the Company has evidence to support
this position.
The Board has identified sufficient evidence of success that includes
achievable new sources of revenue that mitigate against these risks. These
include:
· A partial sale of the under-construction AW1 120MW BESS.
· The ability of the Company to raise additional corporate debt
facilities.
Accordingly, the Board of Directors concluded that it is appropriate to adopt
the going concern basis of accounting in preparing the Interim Financial
Statements.
Other notes
In respect of the six months to 30 June 2025, the diluted earnings per share
is calculated on a loss attributable to owners of the Company of £4.6 million
on the weighted average of 722,812,335 ordinary shares (H1 2024: loss of £5.4
million and basic weighted average shares of 722,812,335). Share options were
excluded from the diluted weighted average number of ordinary shares
calculation as their effect would have been anti-dilutive. No dividend has
been declared (2024: nil).
Events after the reporting date
On 5(th) August 2025, the Group achieved financial close of its AW1 battery
storage project at the Uskmouth Sustainable Energy Park. To achieve this
milestone, Group companies entered into various agreements that unlocked this
project and enabled AW1 Energy Storage Limited to successfully secure £67.4m
in funding to develop, build, own and operate the Group's first battery
storage project.
On 12(th) August 2025, an employee exercised options under the Company's LTIP
scheme, resulting in the issue of 1,989,855 new ordinary shares (approximately
0.3% of the Company's issued share capital at 30 June 2025).
On 18(th) August 2025, the Company granted 25,575,036 long-term incentive plan
("LTIP") options to members of the Group's senior management team under the
Company's approved scheme. The LTIP options have been granted subject to
continued employment. No expense has been recognised in the interim financial
statements in respect of this grant. Following the grant of these options, the
total number of Ordinary Shares outstanding under the Company's LTIP is
57,793,877, representing 8.0% of the Company's issued share capital, at the
date of grant.
On 20(th) August 2025, the Company announced that, following the requisite
approval by shareholders at the Annual General Meeting on 31 July 2025, it had
formally changed its name to Ampeak Energy Limited.
For further information, please contact:
Ampeak Energy +44 (0)7739 832 446
Sean Parsons, Director of External Affairs
Strand Hanson Limited (Nominated and Financial Adviser) +44 (0)20 7409 3494
Richard Johnson
Rory Murphy
David Asquith
Zeus Capital Limited (Broker) +44 (0)20 3829 5000
Louisa Waddell
Simon Johnson
Notes to Editors
Ampeak Energy is a global developer, owner and operator of sustainable energy
projects. Ampeak Energy owns the world's flagship tidal stream project,
MeyGen, and the Uskmouth Power Station site, which is being repurposed into a
sustainable energy park that will become one of the UK's largest battery
energy storage sites. www.ampeak.energy (http://www.ampeak.energy)
Ampeak Energy's strategy: "Building a Sustainable Future to 2035", can be
viewed here (https://ampeak.energy/strategy/)
Proud to be part of London's universe of Green Economy Equities
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR MZGZLVKZGKZMRecent news on Ampeak Energy
See all newsREG - Ampeak Energy Ltd. - AW2 Battery Project receives formal planning
AnnouncementREG - Ampeak Energy Ltd. - Ampeak Energy Investor Day
AnnouncementREG - Ampeak Energy Ltd. - Ampeak Energy achieves planning permission for AW2
AnnouncementREG - Ampeak Energy Ltd. - Director/PDMR Shareholding
AnnouncementREG - Ampeak Energy Ltd. - Ampeak Energy Interim Results
Announcement