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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Simec Atlantis Energy Limited | SAE | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.04 | 1.94% | 2.10 | 08:14:32 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2.15 | 2.10 | 2.15 | 2.10 | 2.06 |
| Industry Sector |
|---|
| ALTERNATIVE ENERGY |
| Top Posts |
|---|
Posted at 04/12/2024 07:17 by wheeze SAE brings full power to MeyGen tidal stream site SAE is pleased to announce that, following the successful deployment of turbine 4, the world leading MeyGen tidal stream site now has all four turbines fully operational. This means that the site is now at full power for the first time, delivering 6MW of predictable, renewable power. |
Posted at 25/11/2024 09:52 by robertspc1 SAE was an obvious short selling target given its historical debt problems, But with the parent company debt refinanced and Uskmouth generating cash, the risk reward has massively shifted so the short sellers should have moved on. Once Meygen gets restructured this will bounce strongly in my opinion |
Posted at 22/11/2024 12:50 by skinny SAE is pleased to announce it has received the penultimate milestone payment of £1.5m under its agreement with EL (Uskmouth) Limited ("EL"), a subsidiary of FPC Electric Land.On 5 December 2023, SAE announced that it had agreed to sell the freehold land owned by SAE to EL, for a milestone-linked total gross cash consideration of £9.8m. The land is being used for a 460MWh (230MW) BESS being constructed by Uskmouth Energy Storage Limited. The EL land represents only a small proportion of the land owned by SAE at the Uskmouth site available for BESS project development. The milestone payment was received following the successful completion of civil works at the site. Today's announcement marks the third milestone payment. The first £5.0m payment was received on 28 March 2024, and the second £2.0m payment was received on 28 May 2024. SAE looks forward to the continued good progress being made on the project. The final milestone will be paid following the delivery of 10% of the batteries for the project. SAE recently released a video animation highlighting the scale and benefits of the USEP site. This can be viewed here |
Posted at 11/11/2024 08:49 by robertspc1 Further to earlier post, I think Meygen has been a poison pill for investors in SAE, and once it has been recapitalised by new investors, SAEs development pipeline will attract the attention of strategic investors. First step would be someone Eg Octopus or Quinbrook buying the SIMEC 30 per cent stake. |
Posted at 11/11/2024 08:37 by robertspc1 For me the main value in SAE remains the Uskmouth site. Obviously lots of BESS potential and thankfully that market is improving, see GRID statement today. Meygen has debt it can't service and is still risky immature technology. SAE don't have the funds to invest in it and it needs GBE or others to recapitalise it with SAE becoming a minority shareholder. That has to happen to soon as debt repayments due end Nov. |
Posted at 10/11/2024 08:55 by muckshifter Three of the four turbines in phase 1 of Meygen were Andritz turbines. They have been in the turbine business for decades, I believe, so it was not really surprising that the only AR1500 installed in that phase was more or less a prototype and needed repairs and maintenance quite a few times since start up.In terms of the Uskmouth fiasco, I believe, from fallible memory, that the "deal" with Simec occurred just after Meygen was declared fully operational, having cost far more than the budget, and after it became clear that UK Gov were not prepared to provide serious support. So I viewed it at the time as a desperate measure (the information provided about how "clean" the Uskmouth scheme generation would be was clearly misleading imo) which allowed the new SAE to refinance to the tune of something like £30 million in a matter of months. They also, iirc, had some sort of a heads of agreement with a fund manager to sell part participation in the Uskmouth project for another £30 odd million at that time, but it was, imo anyway, a totally flawed scheme where they were "hiding" reality. But of course that agreement and a few others were "smoke and mirrors" imo, as was the bs about carbon capture if you remember that one, and underlying the "deception" was the desperate need for cash as it was very clear to me that even on an operational cost basis Meygen could not make any profit during the first few years. To me, the real problem for the original Atlantis Resources was always their domicile in the UK. The UK had lots of good prospects in terms of areas good for tidal generation but a lousy financial system where no one would come up with a big sum of money sufficient to get tidal up and running successfully, so ARS /SAE had to keep coming up with S&M to keep going and never had enough to really make a breakthrough in tidal - hence the vulnerability to Simec's pitch. |
Posted at 05/11/2024 08:30 by wheeze Booom. RNS out nowFurther to the announcement by Proteus Marine Renewables (PMR) that it has signed an MoU with SKF Marine and GE Vernova's Power Conversion business (the "Alliance"), setting out a framework for the supply of tidal turbine generation systems (TTGS) to developers of tidal arrays for commercial, multi-megawatt tidal stream projects, SAE is pleased to announce that it is working with the Alliance, which comprises the biggest names in the tidal sector, towards bringing about the next phase of SAE's MeyGen project |
Posted at 04/11/2024 14:17 by ttcroft 4 November 2024 Pre cursor to green funding from Labour?SIMEC Atlantis Energy Limited("SAE Renewables", "SAE" or the "Company") Politicians see first-hand the scale, opportunity and regeneration of the Uskmouth site SAE was delighted on Friday 1 November 2024, to welcome Jessica Morden, the Member of Parliament for Newport East, John Griffiths, the Member of the Senedd for Newport East, and Dimitri Batrouni, the Leader of Newport City Council, to the Uskmouth site. SAE Chairman, Duncan Black, and CEO, Graham Reid, along with senior SAE team members, welcomed the politicians to the Uskmouth Sustainable Energy Park. SAE has been transforming the Uskmouth site. Once home to a coal fired power station, SAE has utilised the existing infrastructure, land and grid connection to turn it into one of the largest Battery Storage sites in the UK. With one project already in construction and the next due to start construction next year, SAE is making rapid progress in the delivery of over 2GWh of Battery Storage projects, with the potential to expand to over 3.5GWh in the future with longer duration batteries in the future. |
Posted at 26/9/2024 06:14 by wheeze RNS of interim results SAE received £7.0 million from the land sale contract with EL (Uskmouth) Ltd· SAE acquired 100% ownership of the AW1 120MW/240MWh Battery Energy Storage System ("BESS") project· SAE submitted a planning application for Section 36 consent for the 300MW/1.2GWh "Mey BESS" project in the North of Scotland.· The consolidated cash position of the Group as at 30 June 2024 was £7.7 million (as at 30 June 2023: £2.3 million)· The Group reported revenues of £12.1 million for the six months ended 30 June 2024 compared to revenues of £12.4m for the same period in 2023· The loss before tax of £6.0 million for the six-month period to 30 June 2024 (H1 2023: profit £4.5 million) was largely a result of the profit on the land sale contract with EL (Uskmouth) Ltd having been recognised in 2023 whilst the revenue from the sale was realised during 2024. |
Posted at 11/6/2024 11:28 by wheeze Application for up to 300MW / 1.2GWh Scotland BESS project SAE is pleased to announce that it has submitted an application for Section 36 consent to the Scottish Government's Energy Consents Unit for a battery energy storage system ("BESS") project of up to 300MW, sized for up to 4 hours duration (1.2GWh). The project, named "Mey BESS", will be located inland, 5.5km southwest of SAE's MeyGen tidal project, 0.5 km southeast of the village of Mey in Caithness and located adjacent to the planned and fully consented SSE Gills Bay 132kV substation project. SAE has secured all the necessary land rights and 287MW of both import and export grid capacity to allow for the BESS project to be built. The grid capacity is planned to be shared between Mey BESS and the Company's MeyGen tidal array with 207MW being utilised exclusively for BESS and the balance of 80MW secured for the expansion of the MeyGen tidal stream project. The consent application is sized at 300MW to allow for further expansion from 207MW to 300MW which would be subject to future grid applications. The grid connection and all infrastructure is consented and ready to be built, with an anticipated completion of April 2027. It is expected that the Mey BESS project will initially be built using 2 hour duration batteries to give an output capacity of 414MWh, with the site layout sized in the planning application to allow for expansion using 4-hour duration batteries of up to 300MW/1.2GWh. The development rights in the project are held by Mey Energy Storage Limited, which is owned 84% by SAE and 16% by Scottish Enterprise. SAE have significant presence and operations experience in the local area, having been operating the MeyGen tidal array in Caithness for many years. The dedicated project page will be available at: www.saerenewables.co |
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