REG - SIMEC AtlantisEnergy - SAE secures funding from Scottish Enterprise

SIMEC Atlantis EnergyAnnouncement

01/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220401:nRSA8416Ga&default-theme=true

RNS Number : 8416G  SIMEC Atlantis Energy Limited  01 April 2022

 

 

 

1st April 2022

SIMEC ATLANTIS ENERGY LIMITED

("SAE", the "Company" and, together with its subsidiaries, the "Group")

 

SAE secures funding from Scottish Enterprise to get tidal turbines back in the
water

 

SAE is delighted to announce that MeyGen has secured a non-convertible loan of
£2.5m from Scottish Enterprise, which will enable the redeployment of the
remaining two turbines at the MeyGen site within the next 12 months. This
follows the successful deployment in March 2022 of the AR1500, 1.5MW tidal
turbine.

 

The first of these turbines is scheduled for redeployment in May 2022 and the
final turbine will be deployed in March 2023, complete with a retrofitted wet
mate connection system, which more than halves the costs of future turbine
recoveries and deployments.

 

Demonstrating the viability of the tidal turbines is vital to the success of
MeyGen, the largest planned tidal stream project in the world.  When
operational, the turbines have far exceeded expectations and this funding from
Scottish Enterprise will support deployment and activity to ensure
continuation of the project.

 

SAE CEO, Graham Reid, commented:

 

"I would like to thank Scottish Enterprise for their continued support of the
business and the MeyGen project. The successes and challenges we have faced on
this project pave the way to establish a world leading industry in Scotland
and bring huge economic and environmental benefits for Scotland and the UK.
Our focus now is in ensuring our turbines are returned to operation as quickly
and safely as possible."

 

Scottish Enterprise Director of Growth Investments, Kerry Sharp, said:
"Scotland is rightly known as a world leader in the marine sector and central
to this is MeyGen.  Scottish Enterprise has had a longstanding partnership
with the project and we look forward to developing this further as we support
the energy transition and deliver sustainable economic growth for all of
Scotland's communities."

 

For more information please contact:

 

 SIMEC Atlantis Energy Limited               +44 (0) 7739 832 446
 Sean Parsons, Director of External Affairs
 Investec Bank PLC - NOMAD and Joint Broker  +44 (0) 20 7597 5970
 Jeremy Ellis

 Ben Griffiths

 Arden Partners PLC - Joint Broker           +44 (0) 20 7614 5900

 Ruari McGirr

 Richard Johnson

 Simon Johnson

 

Notes to Editors

 

SIMEC Atlantis Energy

 

SAE is a global developer, owner and operator of sustainable energy projects
with a diverse portfolio in various stages of development. This includes a 77
per cent. stake in the world's largest tidal stream power project, MeyGen, and
100 per cent. of the 220MW Uskmouth Power Station conversion project.

 

https://www.simecatlantis.com/ (https://www.simecatlantis.com/)

 

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

More on the Uskmouth Project:
https://simecatlantis.com/project-development-operation/simec-uskmouth-power/
(https://simecatlantis.com/project-development-operation/simec-uskmouth-power/)

 

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  MSCQFLFXLXLBBBE