RCS - SIMEC AtlantisEnergy - Government gives the green light for blue energy

SIMEC Atlantis EnergyAnnouncement

26/11/2021 07:00

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RNS Number : 6618T  SIMEC Atlantis Energy Limited  26 November 2021

Press Release: 26 November 2021

Government gives the green light for a blue energy revolution

 

Nova Innovation and Atlantis Energy welcome the UK Government's announcement
of funding for tidal stream energy and look forward to delivering more
turbines in the water at the world-leading MeyGen site

 

Nova Innovation (Nova) and Atlantis Energy (Atlantis) have welcomed the
Government's decision to establish a £20 million a year ring-fenced budget
for tidal stream technology, available for 15 years under the Contracts for
Difference (CfD) scheme, which could be awarded as early as April 2022.

 

This £300 million investment signals the UK Government's confidence in the
role tidal energy can play in delivering net zero carbon targets. It creates a
clear route to market for UK tidal energy companies like Atlantis and Nova
that will create thousands of jobs across our coastal communities.

 

Simon Forrest, CEO of Nova Innovation, said:

"We are delighted that tidal stream energy has been recognised by the UK
Government as a core part of the UK's green industrial revolution. The
ring-fenced investment will deliver a route to market for tidal energy
companies such as Nova Innovation and Atlantis Energy - turbocharging the
delivery of tidal energy across the world."

 

Graham Reid, CEO of Atlantis Energy added:

"We would like to thank all who have championed our industry and believed in
the global role tidal stream energy can play in the fight against climate
change. We look forward to continuing to work in collaboration to deliver our
ambition of more turbines in the water."

 

Nova and Atlantis teamed up earlier this year to develop the MeyGen tidal site
in the north of Scotland. MeyGen is the largest consented tidal stream site in
the world with a potential capacity of 400MW. It has all the necessary
consents to deploy 80MW of tidal power immediately and is already home to the
world's biggest tidal array and the world's most powerful tidal stream
turbines. Following the announcement, Atlantis and Nova look forward to the
deployment of many more turbines on the site, creating jobs, investment and
reliable green energy to the Scottish grid.

 

Nova and Atlantis will now work with stakeholders to maximise this opportunity
for Scotland and the UK, while demonstrating tidal stream energy's exciting
global potential.

 

Tidal stream energy can deliver 100% clean, 100% predictable energy, without
visual impact - complementing intermittent renewables like wind and solar
power.  A recent report by the Royal Society highlighted the UK is capable of
delivering over 11GW of tidal stream energy by 2050, 50% greater than current
UK nuclear capacity. Nova and Atlantis are driving forward to ensure the
industry delivers on that target.

 

 

 

For more information please contact:

 

 Atlantis Energy                             +44 (0) 7739 832 446
 Sean Parsons, Director of External Affairs
 Nova Innovation                             +44 (0)7872 051 056
 Irene MacKinnon, Communications Officer

 

Notes to Editors

 

Nova Innovation

Nova Innovation (http://www.novainnovation.com) (Nova) is a world-leading
tidal energy company with a disruptive, proven technology with global
potential. The company designs, builds, installs and operates tidal energy
turbines. Nova has offices in Scotland, Ireland, Wales, Belgium and Canada and
is expanding into new international markets.

 

More on Nova Innovation: www.novainnovation.com
(http://www.novainnovation.com)

 

Pictures of Nova Innovation turbines for download:
https://www.novainnovation.com/media-gallery/
(https://www.novainnovation.com/media-gallery/)

 

 

Atlantis Energy

 

Atlantis Energy is a global developer, owner and operator of sustainable
energy projects with a diverse portfolio in various stages of development.

 

More on Atlantis: https://www.simecatlantis.com/
(https://www.simecatlantis.com/)

 

More on the MeyGen Project: https://simecatlantis.com/projects/meygen/
(https://simecatlantis.com/projects/meygen/)

Link to the Royal Society report:
https://interregtiger.com/download/research-paper-a-review-of-the-uk-and-british-channel-islands-practical-tidal-stream-energy-resource/
(https://interregtiger.com/download/research-paper-a-review-of-the-uk-and-british-channel-islands-practical-tidal-stream-energy-resource/)
 

 

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