In its results for the first six months of 2018, the company revealed revenue of £1.3mln, versus zero revenues in the same period of 2018, mainly generated by its Meygen tidal power project.
The overall loss before tax for the six-month period of £9.14mln (2017: loss of £3.22mln) reflects the significant investment made during the period as well as the transition of MeyGen Phase 1A into its 25-year commercial operating phase.
Total expenses for the period of £9.1mln includes both the acquisition costs for SIMEC Uskmouth Power (SUP) and costs associated with power sales by the Meygen project being recognised.
Cash at the end of the reporting period was £22.8mln, up from £5.6mln a year before.
"Our flagship 220MW [megawatt] conversion project at Uskmouth, Wales is helping the UK tackle the big issues of non-recyclable plastic waste management and baseload energy generation and will form the blueprint for further conversion of similar plants worldwide,” said Tim Cornelius, the chief executive officer of SIMEC Atlantis.
“The conversion process is progressing well and we are on track to have first power generation from the converted plant in 2020, which will immediately deliver meaningful operational cash-flows,” Cornelius added.
“The MeyGen project has now exported more than 8GWh [gigawatt hours] of predictable, clean energy to the grid and the recent unveiling of our new 2MW tidal power turbine, the largest single rotor system in the world, will open up new project development opportunities in the UK, France, Channel Islands, South Korea, Japan and China as costs reduce and reliability continues to improve. We will be returning the two Andritz turbines to service in Q4 2018 on MeyGen Phase 1A post their inspection, repair and maintenance period and we look forward to a very productive winter,” Cornelius said.
“We continue to work with our new strategic shareholder, SIMEC, to look for further acquisition and investment opportunities as we seek to expand the generation base of our group. The possibility of future acquisitions of SIMEC hydro, storage, onshore wind and bio-fuel projects puts us on a trajectory of rapid growth, with the ambition of transitioning swiftly into a cash generative, growth company of scale," Cornelius concluded.