SIMEC Atlantis Energy Limited Contract signed with Kyuden Mirai Energy

TIDMSAE

SIMEC Atlantis Energy Limited

31 October 2019

31 October 2019

SIMEC Atlantis Energy Limited

("SAE" or the "Company")

SIMEC Atlantis Energy signs equipment and services supply contract with Kyuden Mirai Energy

SIMEC Atlantis Energy Limited ("Atlantis"), is delighted to announced that it has signed a contract to supply tidal generation equipment and offshore construction services to Japan's Kyuden Mirai Energy ("KME") for a demonstration project in Japan. The project, located in the straits of Naru Island within the southern Japanese Goto island chain, has a total budget of 1,800mYen. The project will seek to capitalise on Japan's wealth of tidal resources which are some of the best in the world. The prefecture of Nagasaki has over 900 islands alone located in tidal rich waters.

The Atlantis Turbine and Engineering Services Division ("ATES") will supply and install an AR-Series turbine and associated balance of plant. The system will be deployed at site in the Nagasaki Prefecture initially in a demonstration capacity, operating at a reduced generation output of around 500kW, as a data collection and validation device for the client and Japanese regulatory bodies. Atlantis expects to deliver and install the tidal generator by late Q3 2020, with completion of the demonstration in Q1 the following year. The possibility to upgrade the project to full output post successful completion remains, subject to approval.

In an industry first, Atlantis will be exporting Scottish tidal generation equipment to be used for the duration of the project under a rental agreement.

Atlantis will be responsible for the supply installation and operation of the turbine system, inclusive of foundation and cable supply, and has brought on Orkney based offshore marine energy construction specialist Green Marine to bolster offshore construction planning and installation support for the cable and foundation.

The project has been sanctioned by the Japanese regulator and authorities.

Tim Cornelius, CEO of SIMEC Atlantis Energy, commented:

"SIMEC Atlantis has been at the forefront of marine energy for the past decade, building a strong portfolio of projects across Europe and around the world. Japan's decarbonisation ambitions and world-leading tidal resource combine to create huge potential for Atlantis' tidal generation systems in the future.

This is our largest awarded export contract to date and our partnership with Kyuden Mirai Energy is representative of the leadership position SIMEC Atlantis has taken in exporting Scottish know how and expertise into new international markets."

Drew Blaxland, Director of ATES Division, commented:

"We are delighted to have won this contract to supply such a prestigious customer as KME and to be afforded the opportunity to work with them on this very important marine energy project in Japan. The Japanese market holds huge potential for us in terms of the future sale of turbine generation systems to deliver predictable power to hundreds of inhabited islands throughout the prefecture of Nagasaki. It is a privilege to be at the forefront of exporting Scottish equipment, services and know how. We are very committed to delivering this project on budget and on time for our client."

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)                   [phone] 
 Rick Thompson 
  David Porter 
 
 J.P. Morgan Cazenove (Joint Broker) 
  Michael Wentworth Stanley                  [phone] 
 
   FTI Consulting                             [phone] 
 Ben Brewerton 
  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 a 100% stake in the 220MW Uskmouth Power Station conversion project.

https://simecatlantis.com/

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October 31, 2019 03:01 ET (07:01 GMT)