logo-loader
viewSIMEC Atlantis Energy

SIMEC Atlantis receives £1.5mln grant that effectively validates its tidal power advance

The cash injection comes from the £10mln Saltire Tidal Energy Challenge Fund and will help deliver benefits that will be felt across the industry

SIMEC Atlantis Energy -
An Atlantis turbine being lowered beneath the waves of the normally choppy and unpredictable Pentland Firth

SIMEC Atlantis Energy Limited (LON:SAE) has been awarded a £1.545mln Scottish government grant that will help fund the subsea hub for the next phase of its tidal power array in the waters off the north coast of the country.

The cash injection comes from the £10mln Saltire Tidal Energy Challenge Fund and will help deliver benefits that will be felt across the industry as the technology developed by Atlantis will be made available to other developers, the group said in a statement.

WATCH: SIMEC Atlantis Energy CEO details £1.5mln Scottish government grant for MeyGen

The new subsea hub and connection infrastructure at the MeyGen project in the Pentland Firth will provide cost reductions in power production by connecting multiple turbines to a single export cable.

It is expected to go live (no pun intended) later this year, and Atlantis will commission £2.4mln of work from its turbine division following receipt of the grant.

Atlantis chief executive Tim Cornelius said: “The first of its kind globally, the new subsea hub represents a significant milestone in the cost reduction path that tidal power is currently on and also has exciting application in the floating offshore wind market.”

MeyGen has now exported more than 24 gigawatt hours (GWh) of predictable renewable electricity to the UK’s national grid, with 13.8 GWh exported in 2019 alone, enough to power around 3,800 homes, and has generated revenues of £3.9mln.

Atlantis is also planning to add around 80 megawatts of tidal capacity to the project and build the world’s first ocean-powered data centre which will be connected to the tidal array with a private wire.

Quick facts: SIMEC Atlantis Energy

Price: 7.5 GBX

AIM:SAE
Market: AIM
Market Cap: £32.18 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of SIMEC Atlantis Energy named herein, including the promotion by the Company of SIMEC Atlantis Energy in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

SIMEC Atlantis Energy CEO details £1.5mln Scottish government grant for MeyGen

SIMEC Atlantis Energy Limited's (LON:SAE) Tim Cornelius caught up with Proactive London's Andrew Scott soon after being awarded a £1.545mln Scottish government grant. It'll help fund the subsea hub for the next phase of its tidal power array in the waters off the north coast of the...

6 days, 15 hours ago

2 min read