The Saltire Tidal Energy Challenge Fund Comment
12 February 2019
SIMEC ATLANTIS ENERGY LIMITED
(“Atlantis”, the “Company” or the “Group”)
The Saltire Tidal Energy Challenge Fund Comment
SIMEC Atlantis Energy Limited (“Atlantis”), a diversified sustainable energy generation company, welcomes the announcement of the Scottish Government’s Saltire Tidal Energy Challenge Fund, which was launched on the 10th February. The £10 million fund will target the development of technology that will help to achieve commercial deployment of tidal energy generation in Scottish waters by March 2020.
This announcement confirms the Scottish Government’s long-term commitment to the marine energy sector in Scotland and more importantly, it demonstrates a tangible financial commitment to making the investment required to transition tidal power into full scale commercialisation. The Scottish tidal energy supply chain is genuinely world leading and the funds announced today will be invested in local companies and will be pivotal to the continuing success of our manufacturing and service supply partners.
Tim Cornelius, CEO of SIMEC Atlantis Energy, commented:
“I applaud Mr Wheelhouse, his team and policy makers for their leadership and unwavering support for the marine energy industry in Scotland. Initiatives such as The Saltire Tidal Energy Challenge Fund send strong and important signals of long-term government support to the institutional funding community across the UK and Europe which the entire sector will benefit from.
Atlantis, being the operator of the world’s largest tidal stream power project, MeyGen, can only deliver the substantial economic benefits to Scotland that tidal power can bring with the right, consistent policy support from Government. The industry as a whole has taken massive strides in the past few years and this timely investment boost will take the progress one step further toward full commercialisation.
The leadership demonstrated by the Scottish Government through this fund will provide much needed momentum as the tidal industry continues to work with BEIS to provide a route to market for innovative, UK based, energy generation technologies which provide genuine industrial supply chain opportunity. The tidal industry is working with the UK government seeking to create an innovation CFD to enable key projects to progress, rapidly reducing costs and to legislate for an Innovation PPA to help demonstrate further innovative technologies.”
SIMEC Atlantis also notified the market yesterday that it has awarded a contract to Scottish based subsea engineering specialists ETA Limited for the manufacture and delivery of the world’s most advanced subsea tidal turbine connection system which will underpin the cost reduction targets which the company hope will be achieved by the MeyGen extension activities known as Project Stroma.
Enquiries:
| SIMEC Atlantis Energy Limited | via FTI Consulting |
| Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer |
|
| FTI Consulting | +44 (0)20 3727 1000 |
| Ben Brewerton
Alex Beagley Molly Stewart |
SIMEC Atlantis Energy Notes to Editors
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, the conversion of the 220MW Uskmouth Power Station in Wales and the recently announced intention to acquire the Scottish mini-hydro portfolio owner and developer Green Highland Renewables.
We are transforming SIMEC Atlantis into a diversified sustainable energy Company of scale.