SIMEC Atlantis Energy Limited Joint Venture (6521E)

TIDMSAE

RNS Number : 6521E

SIMEC Atlantis Energy Limited

09 November 2020

SIMEC ATLANTIS ENERGY LIMITED

("Atlantis", the "Company" or the "Group")

Atlantis and Asturfeito's Variable Pitch System for Tidal Turbine Generators (VPSTTG) project moves to the manufacturing stage

-- With the help of a EUR1 million grant from the Executive Agency for Small and Medium-sized Enterprises (EASME), Atlantis and its project partner Asturfeito have given the green light to advance their project to the manufacturing stage of the Variable Pitch System for Tidal Turbine Generators (VPSTTG)

-- This takes the project one step closer to completing its objective of reducing the levelized cost of energy generated by tidal technology through the production of an affordable Variable Pitch System (VPS)

   --      After the completion of this stage of the project, the VPS will be tested on-shore

-- This VPS system will be used on future turbines supporting the evolution of the tidal industry as a whole, further developing the industries European supply chain and giving the planet more efficient and affordable access to renewable energy

Atlantis, the global sustainable energy generation company and technology developer, alongside its partner Asturfeito SAU, is pleased to announce that its VPSTTG project has been given the go-ahead to proceed to the manufacturing stage. As a result of the EUR1 million grant from EASME to support the development of the project, the company is now able to progress with its mission to reduce the cost of energy generated by tidal technology via the production of an affordable Variable Pitch System (VPS).

This is an exciting milestone for the company as it strives to make renewable energy more efficient, accessible and affordable for people around the world.

Drew Blaxland, Director of the Atlantis Turbine and Engineering Services Division, commented:

"This is an exciting time for the company as we work together with Asturfeito to make the cost of tidal energy more affordable and accessible for all. We would like to thank the Executive Agency for their continued support and the amazing project team who have taken us to this stage"

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Enquiries:

 
Investec Bank PLC                               +44 (0) 20 7597 5970 
Jeremy Ellis 
 Sara Hale 
 Ben Griffiths 
SIMEC Atlantis Energy Limited                   +44 (0) 7739 832 446 
Sean Parsons, Director of External Affairs

Notes to Editors

SIMEC Atlantis Energy

Atlantis is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent. stake in the world's largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.

https://www.simecatlantis.com/

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