EUR1 million Grant Award to SIMEC Atlantis

RNS Number : 4495J

SIMEC Atlantis Energy Limited

05 December 2018

 

The information contained in this announcement is inside information under the Market Abuse Regulation (EU) No 596 / 2014. The person responsible for arranging the release of this announcement on behalf of Atlantis is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy.

5 December 2018

SIMEC ATLANTIS ENERGY LIMITED

("Atlantis", the "Company" or the "Group")

€1 million Grant Award to support Atlantis turbine development programme

Highlights

●	Atlantis has signed a €1 million grant agreement with the European Executive Agency for Small and Medium-sized Enterprises ("EASME") via the European Maritime and Fisheries Fund ("EMFF")  and its Sustainable Blue Economy call for proposals
●	The grant will provide Atlantis and its supply chain partner, Asturfeito SAU (the "Project Consortium") with €1 million in grant funding to support its turbine development programme
●	The grant will facilitate the ambitious Levelised Cost of Energy ("LCOE") targets Atlantis has set itself
●	The 2-year project will commence in January 2019

Atlantis, a diversified sustainable energy generation company and technology developer with a diversified portfolio of more than 1,000 megawatts in various stages of development, is pleased to announce it has signed a grant agreement with EASME for €1 million in grant funding to support its turbine development programme. Atlantis is joined by supply chain partner Asturfeito SAU.

On October 30^th 2018, Atlantis announced its plans to enhance the existing 6MW MeyGen project. This grant will support the innovations required to take the MeyGen project enhancement forward with a specific focus on the turbine upgrades needed to utilise the subsea hub and shared export cable.  

Drew Blaxland, Director of Turbine and Engineering Services of SIMEC Atlantis Energy, commented:

"The AR1500 turbine installed at the MeyGen project in 2017 marked the first commercial scale turbine installed in a tidal array. Following this successful deployment and record breaking operation of the AR1500 turbine we now look to the future and where opportunities to reduce the LCOE exist. This grant agreement and support from the Sustainable Blue Economy call allows us to accelerate one of our key LCOE cost reduction initiatives."

Ricardo Rodriguez, General Manager of Asturfeito SAU commented:

"This project represents a great opportunity for Asturfeito to enter a promising renewable energy sector partnering with key player SIMEC Atlantis. By providing our experience in subsea, oil & gas and offshore wind from the design stage, and using our capability to manufacture, integrate and test complex assemblies, we can support the development of cost effective turbines."

Enquiries:

SIMEC Atlantis Energy Limited	via FTI Consulting
Tim Cornelius, Chief Executive Officer Andrew Dagley, Chief Financial Officer
Cantor Fitzgerald Europe (Nominated Adviser and Broker)	[phone]
Rick Thompson Richard Salmond David Porter
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles Molly Stewart

Notes to Editors

Simec Atlantis Energy 

SIMEC Atlantis Energy is the global developer, owner and operator of sustainable energy projects with a diverse portfolio of more than 1,000 megawatts in various stages of development. This includes a 77% stake in the world's largest tidal stream power project, MeyGen, and the conversion of the 220MW Uskmouth Power Station.

In 2017 we entered into a strategic partnership with SIMEC, a member of the GFG Alliance, to convert the Uskmouth Power Plant to use an end-of-waste energy pellet as fuel. The plant is expected to enter commercial operations in 2020 and will sell its power to GFG Alliance companies under two 20-year power purchase agreements. A successful conversion will tackle the pressing issue of non-recyclable waste in the UK and will form the blue-print for other large-scale conversion projects across the globe.

We intend this to be the first of a number of acquisitions aiming to transform SIMEC Atlantis into a diversified energy Company of scale, owning development and generating assets across the sustainable energy spectrum in Europe, Asia and Australia, complementing our existing UK pipeline.

www.simecatlantis.com

Asturfeito SAU

With a workforce of 230 and facilities spanning 32,000m2 and €40M of annual turnover, Asturfeito specialises in the manufacture of large/heavy parts and complex assemblies for oil & gas, energy, industrial, defense, aerospace, nuclear and big science markets. Asturfeito operates globally, having executed projects in more than 20 countries, covering the full value chain from fabrication engineering, welding and machining to full assembly, systems integration and testing at our in-house facilities or at project sites.

www.asturfeito.com

 

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