SIMEC Atlantis Energy Ltd (AIM:SAE, OTC:SMAYF) achieved a key step in the delivery of one of the UK's largest battery energy storage system (BESS) projects, lifting the sustainable energy company’s shares as much as 40%.
The group said it secured the necessary grid variations for the 230MW/460MWh BESS at the Uskmouth site in Wales and completed the novation of the grid connection agreement.
The project is on track to be operational by 2024, it said.
A planning application for the project has been submitted and permission is expected to be awarded in the fourth quarter of this year, said the AIM-traded company.
“We have made excellent progress in securing the necessary planning approvals and the project is on track to begin construction, as planned, next year,” it said in a statement.
Shares in SIMEC Atlantis were up 35% at 2.10 pence in mid-morning trade after rising as much as 40% earlier.