Simec Atlantis Energy Share Discussion Threads

[jotoha2] 30/9/2022 12:19

The company will become a major leader in tidal , Scotland is already planning massive support for this technology , not long to go now then Boom.

[boxerdogz] 30/9/2022 11:42

Wheeze, get yourself into the stop oil group , they will welcome you with oil products

You can glue yourself to trains , planes and automobiles ffs

[jotoha2] 30/9/2022 10:32

Battery storage had a positive mention with plans to further expand the site at Uskmouth , they might as well develop the whole site ,and whats left can be developed into a technology site investing in power generation etc.

[jotoha2] 30/9/2022 09:25

Cash at end of June was £4.1 M !!

[truant2tb1] 30/9/2022 08:56

When will the highly dilutive equity raise take place? Price action suggests it's not far off. £0.8m in the bank, v concerning for holders

[david gruen] 30/9/2022 07:10

30 September 2022

SIMEC ATLANTIS ENERGY LIMITED

("SAE", the "Company" and, together with its subsidiaries, the "Group")

SAE releases interim results

SAE announces its unaudited Interim Results for the six months ended 30 June 2022. A complete version of the results can be found on the Company website (www.simecatlantis.com/investor-relations/company-documents).

Summary of Results

The overall loss before tax of GBP8.6 million for the six months ended 30 June 2021 compares to a loss of GBP10.7 million reported for the same period in 2021. The reduction in loss compared to the corresponding period last year was mainly as a result of the restructuring implemented during the second half of 2021 that resulted in a significant reduction in costs and various asset impairments. However, the results were adversely impacted by the service outages of three of the four turbines at MeyGen during the first half of this year. The position is expected to improve during the second half of the year with contributions from the two turbines that have been successfully redeployed in March and September. The results for the interim period also exclude GHR, the hydro projects development business that was disposed of in December 2021.

Finance costs in the current period are materially in line with the same period last year.

The unaudited consolidated cash position of the Group at 30 June 2022 was GBP4.1 million (30 June 2021: GBP3.8 million). Included in cash and cash equivalents in the statement of financial position are encumbered deposits of GBP0.8 million (30 June 2021: GBP1.5 million).

Graham Reid, CEO of SAE, commented:

At the beginning of 2022 the business set three key priorities:

1. Win a Contract for Difference (CfD) to deliver further deployment of turbines at our MeyGen site.

2. Release value at the Uskmouth site by developing a Battery Energy Storage System (BESS) project.

3. Lay the foundations to take the lessons learnt from the Uskmouth conversion project to develop a pipeline of new opportunities.

I'm very pleased to report we are making excellent progress with each of these.

We have been successful in the UK Government's Application Round 4 and have secured the CfD for our MeyGen project for 28MW at a strike price of GBP178.54/MWh. This is by far the largest tidal stream project, with secured revenue support, anywhere in the world.

The site is already home to the world's largest tidal array, and we have just successfully redeployed the 3rd of 4 turbines at site. This year the site accounted for c.70% of the global tidal stream total output. The project has the potential to deliver tidal stream energy at scale, with huge opportunity for our business, our shareholders and all those involved with the tidal industry.

The Uskmouth BESS project is making excellent progress and is on target for financial close in Q1, 2023. We have recently announced the receipt of funds of GBP6m associated with this project with a further GBP4m due at financial close. Following the success of this first BESS project, we are working towards adding further BESS projects on the site.

Finally, we are working with a number of world-leading organisations to identify significant coal conversion opportunities in Europe to apply the expertise gained at Uskmouth. SAE will continue to explore these opportunities and hope to make good progress with at least one of them in 2023.

[skinny] 30/9/2022 07:07

SAE announces its unaudited Interim Results for the six months ended 30 June 2022. A complete version of the results can be found on the Company website (www.simecatlantis.com/investor-relations/company-documents).

Summary of Results

The overall loss before tax of GBP8.6 million for the six months ended 30 June 2021 compares to a loss of GBP10.7 million reported for the same period in 2021. The reduction in loss compared to the corresponding period last year was mainly as a result of the restructuring implemented during the second half of 2021 that resulted in a significant reduction in costs and various asset impairments. However, the results were adversely impacted by the service outages of three of the four turbines at MeyGen during the first half of this year. The position is expected to improve during the second half of the year with contributions from the two turbines that have been successfully redeployed in March and September. The results for the interim period also exclude GHR, the hydro projects development business that was disposed of in December 2021.

Finance costs in the current period are materially in line with the same period last year.

The unaudited consolidated cash position of the Group at 30 June 2022 was GBP4.1 million (30 June 2021: GBP3.8 million). Included in cash and cash equivalents in the statement of financial position are encumbered deposits of GBP0.8 million (30 June 2021: GBP1.5 million).

Graham Reid, CEO of SAE, commented:

At the beginning of 2022 the business set three key priorities:

1. Win a Contract for Difference (CfD) to deliver further deployment of turbines at our MeyGen site.

2. Release value at the Uskmouth site by developing a Battery Energy Storage System (BESS) project.

3. Lay the foundations to take the lessons learnt from the Uskmouth conversion project to develop a pipeline of new opportunities.

I'm very pleased to report we are making excellent progress with each of these.

We have been successful in the UK Government's Application Round 4 and have secured the CfD for our MeyGen project for 28MW at a strike price of GBP178.54/MWh. This is by far the largest tidal stream project, with secured revenue support, anywhere in the world.

The site is already home to the world's largest tidal array, and we have just successfully redeployed the 3rd of 4 turbines at site. This year the site accounted for c.70% of the global tidal stream total output. The project has the potential to deliver tidal stream energy at scale, with huge opportunity for our business, our shareholders and all those involved with the tidal industry.

The Uskmouth BESS project is making excellent progress and is on target for financial close in Q1, 2023. We have recently announced the receipt of funds of GBP6m associated with this project with a further GBP4m due at financial close. Following the success of this first BESS project, we are working towards adding further BESS projects on the site.

Finally, we are working with a number of world-leading organisations to identify significant coal conversion opportunities in Europe to apply the expertise gained at Uskmouth. SAE will continue to explore these opportunities and hope to make good progress with at least one of them in 2023.

[repins1] 29/9/2022 22:27

Good luck, what you smoking nowadays, lol

[boxerdogz] 29/9/2022 12:55

I'll be looking for anther entry here if 1.2p is breached . GLA

[boxerdogz] 28/9/2022 18:56

Wheeze

It's hurricane season you Idiot, happens every year

[wheeze] 28/9/2022 16:15

Hurricane Ian barrels towards Florida, a historic storm that will leave an indelible mark on the state.

Absolutely nothing to do with climate change, honest, guv, says ostrich with head firmly in the sand....

[boxerdogz] 28/9/2022 13:10

wheeze26 Sep '22 - 07:57 - 2728 of 2730
0 0 1
I read this morning of Climate disasters unfolding all over the planet.

ClownWorld

[jotoha2] 26/9/2022 08:44

Oh dear , now the labour party are spouting that they will throw £20 billion at renewables , come on KWASI show them you are not running a banana republic.

[dave4545] 26/9/2022 08:14

Of course not

You just have to look at companies like Pfizer for that, causing endless heartache deaths with their vaccines and still pushing them saying they are safe and effective

[wheeze] 26/9/2022 07:57

I read this morning of Climate disasters unfolding all over the planet. I find it interesting that there are people who would pay millions and millions for a Banksy or NFT but we don't have a white knight investor in tidal energy to help save this planet. However expensive tidal energy is, we have proof that it works and is highly dependable and predictable.


Do the rich have absolutely no moral code ?

[jotoha2] 23/9/2022 17:59

Proper good news today , lets hope the company now gets the support to really push this technology forward at a pace , not selling until it hits 50p again.

[boxerdogz] 23/9/2022 12:10

Decent But took profit and bailed. GLA

[desflurane] 23/9/2022 11:38

Good call noiseboy.

[our haven] 23/9/2022 10:46

Great news that the turbine is back in the water and in stream. Should turbocharge the share price

[desflurane] 22/9/2022 09:59

Thanks noiseboy, here’s hoping 🤞.

[noiseboy] 22/9/2022 09:10

Yes North Sea Giant was on site for a coupes of days and is now showing back at Nigg. I'm hopeful we will get an RNS soon about third turbine installed.

[moonshine1] 22/9/2022 05:48

"Cornelius and Linder call for investment in key technologies they say are more likely to produce energy than fracking, including geothermal energy and tidal power."Mostly about fracking, it's good to see tidal power being recommended as a viable resource that needs investment in these articles. hTTps://www.theguardian.com/commentisfree/2022/sep/21/liz-truss-fracking-britain-economic-political-low-carbon-cuadrilla?CMP=Share_iOSApp_OtherhTTps://www.theguardian.com/environment/2022/sep/21/fracking-wont-work-uk-founder-chris-cornelius-cuadrilla?CMP=Share_iOSApp_Other

[desflurane] 21/9/2022 22:10

Post 2715. Any update on North Sea Giant?