Further re Fuel Supply JV with N+P Group

RNS Number : 4793V

SIMEC Atlantis Energy Limited

07 August 2020

 

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 SIMEC Atlantis Energy Limited is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy Limited.

07 August 2020

SIMEC Atlantis Energy Limited

Further re Fuel Supply Joint Venture with N+P Group

SIMEC Atlantis Energy, the global developer, owner and operator of sustainable energy projects, is very pleased to announce that, further to an announcement made on 6 August 2020 (the "Announcement"), it has now signed a Heads of Terms in relation to a joint venture, NPA Fuels Limited ("NPA"), with the N&P Holding 2 Ltd, a wholly owned subsidiary of the Dutch recycling specialists, the N+P Group, and certain related arrangements as detailed in the Announcement.

NPA will principally be involved in the marketing, production and delivery of waste derived fuel pellets to converted coalfired power stations throughout the UK, and in particular the Uskmouth project.

N+P and Atlantis are working to finalise a formal joint venture agreement and will update the market once this has been agreed and executed.

Tim Cornelius, CEO of SIMEC Atlantis Energy Limited commented: "We are very excited to be entering in the fuel production market alongside our trusted partner and market-leader, the N+P Group. Atlantis is looking forward to building a large, profitable business with N&P, starting with supply to our ground-breaking Uskmouth project. Our project development and marketing skills coupled with their technical expertise and deep market knowledge should create a new alternative fuel powerhouse.  I would also like to thank SIMEC for agreeing to conclude their arrangements with the N+P Group and allowing us to enter into this arrangement that we believe will benefit all of our shareholders."

Stijn Jennissen, CCO of N+P Group commented: "We are delighted to enter into this new joint venture with Simec Atlantis Energy and we would like to thank SIMEC for their contributions as our former JV partner. The successful large scale combustion test was a major step for the development in the conversion of Uskmouth Power Station. The result of the trial proved that coalfired power stations can substitute 100% of their conventional fuels by N+P's patented waste derived fuel Subcoal®, this is a major development and opportunity for the industry to both reduce CO₂ emissions and divert non-recyclable waste from landfills. We are very much looking forward to cooperating with SIMEC Atlantis Energy in the development of dedicated new fuel production facilities for the Uskmouth Power Station."

Jay Hambro, CIO of the GFG Alliance & CEO of Energy at SIMEC said: "The GFG Alliance and SIMEC are delighted to see this development and we would like to thank the N&P team for all their support and creativity to date.  This joint venture will benefit all stakeholders and underlines SIMEC's ongoing commitment to support and partner SIMEC Atlantis in the commitment to being at the forefront of generating clean and green power. Uskmouth is pioneering an approach to how we address the growing challenge of dealing with our ever growing mountain of waste alongside our need for sustainable power.  This announcement represents another step in the delivery of the Uskmouth power plant and confirms the supply chain for fuels is de-risked."

Enquiries:

Investec Bank PLC   [phone]
(Nominated Adviser, Broker and Joint Bookrunner to the Company) 
Jeremy Ellis
Sara Hale
Ben Griffiths

Arden Partners plc   [phone]
(Joint Bookrunner to the Company) 
Ciaran Walsh
Ruari McGirr
Benjamin Cryer

SIMEC Atlantis Energy Limited  [phone]
Sean Parsons, Director of External Affairs

FTI Consulting  [phone]
(PR Adviser to the Company)
Ben Brewerton
Caroline Cutler
Chris Laing

Notes to Editors

SIMEC Atlantis Energy

Atlantis 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, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.

https://www.simecatlantis.com/

 

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