SIMEC Atlantis Energy Limited EUR1 million Grant Award to SIMEC Atlantis (4495J)
December 05 2018 - 2:00AM
UK Regulatory
TIDMSAE
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")
EUR1 million Grant Award to support Atlantis turbine development
programme
Highlights
-- Atlantis has signed a EUR1 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 EUR1 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 diversi ed 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 EUR1
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) +44 (0)20 7894 7000
Rick Thompson
Richard Salmond
David Porter
FTI Consulting +44 (0)20 3727 1000
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
EUR40M 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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END
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