SIMEC Atlantis Energy Limited MeyGen Granted GBP1.545m for Pioneering Subsea Hub (3875H)
March 25 2020 - 3:00AM
UK Regulatory
TIDMSAE
RNS Number : 3875H
SIMEC Atlantis Energy Limited
25 March 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.
25 March 2020
SIMEC ATLANTIS ENERGY LIMITED
("Atlantis" or the "Company")
MeyGen Granted GBP1.545m for Pioneering Subsea Hub from the
Scottish Government
SIMEC Atlantis Energy Limited ("Atlantis"), a global developer,
owner and operator of sustainable energy projects, is pleased to
advise that MeyGen Plc ("MeyGen") has been awarded a GBP1.545
million grant from the Scottish Government's Saltire Tidal Energy
Challenge Fund to develop a subsea tidal turbine connection hub for
the next phase of development of the MeyGen tidal power array, the
world's largest tidal stream power project.
The Saltire Tidal Energy Fund is a GBP10 million fund supporting
the commercial deployment of tidal energy generation in Scottish
waters through driving innovation and a reduction in the cost of
electricity generation.
The awarded funding will be used to design, procure, install,
connect and commission the subsea hub and associated subsea
connection infrastructure, which is a key enabler for future array
phases, as it will deliver cost reductions in power production by
connecting multiple turbines to a single export cable. The
technology leverages the innovative design of the Atlantis turbine
wet mate connection system, which enables rapid and automatic
connection and disconnection of power and communication
infrastructure offshore without any intervention. This grant award
will prove the application and benefits of subsea hub for the
global tidal power industry. Once proven, the hub will be made
available to project developers to help to achieve cost-competitive
commercial deployment across the sector.
As a result of the grant award, the Atlantis' Turbine and
Engineering Services Division ("ATES") will be awarded a GBP2.4
million Engineering, Procurement and Construction Contract ("EPC
Contract") for delivery and installation of the subsea hub by the
MeyGen project company on the MeyGen project site in the Pentland
Firth, Scotland. The subsea hub, which will be assembled and tested
in Scotland, will be installed later this year (2020).
Tim Cornelius, CEO of Atlantis, commented:
"We are very grateful and appreciative of the Scottish
Government's continued support for tidal stream energy by awarding
this grant to help fund MeyGen's ongoing expansion. 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.
The subsea hub we have designed and developed is a key part of
our overall cost reduction strategy for tidal power generation.
This hub will also have direct application for other forms of
marine energy such as floating offshore wind and wave energy. We
are very proud to be taking the lead in realising the full
potential of our oceans' energy, delivering a cleaner energy
future.
I would also like to personally thank our dedicated marine
energy team for their hard work bringing this project to fruition.
The next phase of MeyGen, which will supply ocean energy to a large
data centre to be built in Scotland, requires us to deliver cost
competitive energy to our future customers and the use of subsea
hubs to reduce the number of export cables required to deliver this
power from the 40 x 2MW turbines we plan to install is central to
our plans. This is a wonderful development for the MeyGen project,
our ATES division and the tidal power sector in the UK. "
Enquiries:
SIMEC Atlantis Energy Limited via FTI Consulting
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
Cantor Fitzgerald Europe (Nominated
Adviser and Joint Broker) +44 (0)20 7894 7000
Rick Thompson
David Porter
Luke Philippou
J.P. Morgan Cazenove (Joint Broker)
Michael Wentworth Stanley +44 (0) 20 7742 4000
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Josh Atkins
Chris Laing
Notes to Editors
SIMEC Atlantis Energy
SIMEC Atlantis Energy is a global developer, owner and operator
of sustainable energy projects with a diverse portfolio in various
stages of development. This includes a 77% stake in the world's
largest tidal stream power project, MeyGen, and 100% ownership of
the 220MW Uskmouth power station conversion project
www.simecatlantis.com
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END
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