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SAE Simec Atlantis Energy Limited

0.075 (7.5%)
28 Nov 2023 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Simec Atlantis Energy Limited LSE:SAE London Ordinary Share SG9999011118 ORD NPV (DI)
  Price Change % Change Share Price Shares Traded Last Trade
  0.075 7.5% 1.075 2,682,663 15:47:24
Bid Price Offer Price High Price Low Price Open Price
1.00 1.15 1.075 1.00 1.00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Steam,gas,hydraulic Turbines 7.4M -9.65M -0.0133 -0.80 7.73M
Last Trade Time Trade Type Trade Size Trade Price Currency
15:47:16 O 65,000 1.116 GBX

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Date Time Title Posts
28/11/202315:57SIMEC Atlantis Energy3,088

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Posted at 28/11/2023 08:20 by Simec Atlantis Energy Daily Update
Simec Atlantis Energy Limited is listed in the Steam,gas,hydraulic Turbines sector of the London Stock Exchange with ticker SAE. The last closing price for Simec Atlantis Energy was 1p.
Simec Atlantis Energy currently has 722,812,335 shares in issue. The market capitalisation of Simec Atlantis Energy is £7,734,092.
Simec Atlantis Energy has a price to earnings ratio (PE ratio) of -0.80.
This morning SAE shares opened at 1p
Posted at 16/11/2023 14:13 by dave4545
Can buy for 0.925p mid price

I've just added 400k and will wait for the herd to chase next spike then offload

You always get a couple of good spikes a year in this one
Posted at 06/10/2023 06:25 by the imperialist
"SIMEC Atlantis Energy (SAE) Ltd recorded a pre-tax profit of £4.5m for the six months"

So are we saying SAE is now a profitable and sustainable business? Or is this a case of accounting shenanigans or one-offs?
Posted at 08/9/2023 09:12 by clabburn
Exactly right. We can certainly question the wisdom of some of their decisions but their hand was forced after the government pulled the rug from under them. I always had my reservations about Uskmouth but had they got approval it would have made the company a huge amount of money. I also think had it been located in England rather than Wales, it would have got approved. That's all in the past now though. The good news is that they have 50MW on a pathway to deployment and with other projects from competitors also getting contracts, it looks like we finally have the start of a genuine tidal energy industry taking form. Hard to understate how valuable that could be to Britain and the world. It was the reason I first invested in the company years ago and feels good to finally be able to look forward with cautious optimism again. Certainly not investment advice though. My personal view is the share price will remain at current levels until they reach financial close. The company is still walking a tightrope jugging their cashflow and debts and it wouldnt take much to sink the ship.
Posted at 08/9/2023 07:07 by skinny
SAE secures support to deliver another phase at the world leading MeyGen project

SAE is delighted to announce that it has successfully secured 4 Contracts for Difference (CfD) in the latest allocation round, for the world leading MeyGen site. These CfD contracts, which guarantees GBP198 (GBP/MWh), for 15 years from 31(st) March 2028 commissioning date, will allow SAE to deliver a total of c.22MW of clean, home-sourced, predictable power at its MeyGen site in Scotland.

SAE has been making good progress on the delivery of the 28MW secured in the AR4 round (July 2022) and the success in this round will help the project achieve greater economies of scale and address the significant cost increases faced by those successful in 2022.

By delivering these projects in parallel, SAE will be delivering a 50MW tidal stream array, in addition to the 6MW already operational at the MeyGen site. This is the equivalent of over 65,000 homes per annum being powered by the tide. To deliver these projects, SAE is in advance discussions with a consortium, involving global manufacturing and engineering firms, which will see the deployment of 3MW turbines. These turbines will be the most powerful tidal turbines ever deployed. SAE is working to ensure the project achieves the maximum benefit for the UK and Scotland, with the potential for a turbine manufacturing facility being established near the site.

This milestone has been achieved thanks to the huge support of the SAE shareholders, stakeholders, and project partners.

This is another important step for the project and the industry, but it is vital this progress is maintained. SAE looks forward to working with all stakeholders to ensure that the next auction round delivers greater scale and unlocks the full potential of both the MeyGen site and the wider industry.
Posted at 24/7/2023 12:25 by wheeze
SIMEC Atlantis (SAE) has announced that it has received the £4.0m development premium, marking financial close at its Uskmouth battery energy storage system (BESS), one of the largest BESS projects in the UK (230MW/460MWh). Following financial close, SAE is now expected to receive c. £950k annually over the 30 years covered by the agreement. This will provide a needed cash boost for SAE and allow for continued work at its MeyGen Tidal Project.
Posted at 24/7/2023 06:02 by skinny
SAE receives next payment for BESS project

Further to the Company's announcement on 23 February 2023, SAE is pleased to confirm that it has now received the GBP4.0m development premium from Uskmouth Energy Storage Limited ("UES"), as part of the arrangements that allow UES to deliver a 230MW / 460MWh battery energy storage system ("BESS") at the Uskmouth site.

This marks another major milestone in the delivery of one of the largest BESS projects in the UK and the unlocking of value for SAE and its shareholders.

Following the Company's update on 27 June 2023, SAE can also report that it is making good progress with finalising its audit and is on track to publish its Annual Report for the year ending 31 December 2022 later this month.
Posted at 08/11/2022 07:01 by skinny
Delivery of next phase of the world-leading MeyGen project continues at pace

SAE, the global leader in tidal energy, is continuing to make good progress in the delivery of the first commercial-scale tidal array in the world at its MeyGen site in Scotland. The next phase at the MeyGen site will see SAE deliver an additional 28 MW of predictable, renewable power.

To take overall responsibility for the delivery of phase 2, SAE is delighted to announce the appointment of Mr Mark Evans as Project Development Director. Mark brings over 20 years of renewable energy development and delivery experience, including the development of over 1 GW of wind projects. Mark brings to the team a proven track record of successfully delivering major renewable projects as well as a passion for tidal energy.

SAE also announces that it has appointed Lumin Capital, an international corporate finance advisory firm, as financial advisor for MeyGen phase 2 to advise on securing the necessary financing for the project. Lumin Capital brings extensive experience of working with project developers on projects around the world to enhance shareholder value and secure funding. Lumin will be a key part of the team in ensuring the success of MeyGen phase 2.

SAE has also been active at the MeyGen site, completing resource surveys which provide vital data to better understand the tidal resource across the site to allow for the detailed design of the project. In October 2022, SAE successfully deployed an acoustic Doppler current profiler ("ADCP"), a tidal flow measurement device, at the MeyGen site. The ADCP will be deployed for a month to record a full lunar cycle's worth of data. SAE has combined the fixed deployed ADCP with vessel-mounted ADCP surveys to better understand the variable flows across the site. SAE is working with Fraser Nash Consultancy and the University of Edinburgh on this analysis and the tidal array design optimisation work that will subsequently be conducted using this data.

SAE remains on track to achieve financial close of the MeyGen phase 2 project in 2024 with operation starting in 2027.
Posted at 31/10/2022 07:01 by skinny
SAE is pleased to announce that on 19(th) October 2022 it agreed to the sale of a majority (approximately 79%) stake in its Advanced Tidal Engineering and Services division ("ATES") to Proteus Marine Renewables Limited ("Proteus"). This division has been responsible for the design of Atlantis' tidal turbines to date and the deployment and recovery of all turbines at the MeyGen site. The sale has no impact on SAE's majority ownership of MeyGen plc, with ownership of the full project development rights and all four turbines at the MeyGen site remaining with MeyGen plc. SAE remains focused on the development of the MeyGen site following the recent award of a 28MW Contract for Difference ("CFD").

The sale will allow the newly incorporated Proteus to grow its product and services offering across a broader scope of marine renewables whilst keeping its immediate focus on tidal energy.

SAE has retained a minority (approximately 21%) shareholding in Proteus and will continue to enjoy a strong relationship with the business and team through a Collaboration Agreement. SAE has also agreed on contracts to ensure the provision of ongoing services that will allow Proteus to provide continued support to the MeyGen operating tidal array.

SAE received an initial cash consideration for the sale of GBP0.5m and will receive a deferred cash consideration of up to EUR0.5m contingent on Proteus achieving financial close of the Raz Blanchard project. The sale significantly reduces Group operating costs, and together with the net sale proceeds, provides additional funding to support Group operations and the development of key projects. In 2021, ATES's pre- tax profit was approximately GBP0.4m and its net liabilities as at 30 June 2022 were approximately GBP0.5m.

The sale allows SAE to achieve its strategic objective of becoming a sustainable energy and battery storage project developer. The previous vertically integrated business model comprising a tidal turbine technology developer and a tidal project development business served its purpose in the early stages of the development of the tidal power industry. As the tidal power sector reaches maturity, as evidenced by the recent 28 MW MeyGen CFD award, it is the right time to separate the two businesses, allowing each to focus on its very different objectives.

Graham Reid, CEO of SAE, commented:

"We are proud to have developed the ATES business into what it is today and wish Drew and the team every success in the future. A key part of the sale is the agreements in place that ensure that it is business as usual for our existing tidal power projects but allows our focus to be on the delivery of the MeyGen site, the home of tidal energy."

Drew Blaxland, CEO of Proteus commented:

"The formation of Proteus and the injection of private equity capital will give both companies the focus and means to build a pathway to affordable tidal stream power. In addition to servicing its responsibilities at MeyGen, Proteus will also be focused on completing its next round of technology advancement. Key locations for this include Japan and France, where Proteus is now the majority shareholder in Normandie Hydroliennes, which aims to deploy a 12MW pilot array in 2025, as part of the EC's target of 1GW of marine energy by 2030."
Posted at 28/4/2022 06:16 by notknowing
28 April 2022


28 April 2022


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

SAE develops new future for Uskmouth site and releases value from existing asset

SAE is pleased to provide an update on the transition of the Uskmouth site into a sustainable energy park, which as a first step includes plans to deliver a Battery Energy Storage System ("BESS"). The Uskmouth site has a 230MW grid connection coupled with significant land and infrastructure that make it a prime location for the delivery of a large-scale, commercially attractive, BESS facility. The widespread integration of BESS into transmission and distribution systems is widely recognised as a key enabler of increased and more rapid integration of intermittent renewable energy into the UK electricity supply.

SAE is at an advanced stage in the BESS development process having submitted the Modification Application to National Grid, which requests that the Uskmouth site's connection agreement be varied to accommodate a BESS facility. SAE has also submitted a screening report to Newport City Council in relation to the construction of a 230MW BESS facility on the former coal stockyard, and is working with an industry leading partner to expedite the delivery of the battery storage facility.

With the development of a BESS at the Uskmouth site, SAE is no longer pursuing the previously announced plans for the Uskmouth Conversion Project and has notified Welsh Government and relevant stakeholders that it will be withdrawing the permit variation application.

Following this decision, SAE has entered a contract to sell certain items of plant that are no longer required for its future plans of the site. A contract, worth GBP1.2m, has been awarded to a local company, Wye Valley Demolition, to remove the surplus plant and equipment. This contract brings in immediate funding to SAE's business, helping to secure SAE's broader objectives and delivering value for shareholders.

Whilst SAE will not progress the Uskmouth Conversion Project, the need to repurpose coal fired power stations has never been more important in order to reduce emissions, enhance energy security, and reduce the waste being sent to landfill and polluting our oceans. Governments globally are exploring projects that can quickly deliver energy security and independence, and our coal plant conversions have the ability to deliver a quick and cost-effective solution. SAE remains committed to accelerating the transition of existing coal fired generation to lower emissions fuel and is working with it partners to take the vital lessons learnt to other countries where it can make the most impact.

Graham Reid, Chief Executive Officer of SAE commented:

"The team and I are tremendously excited about this next step for the Uskmouth site, which will help deliver the UK's net zero targets, release important value for the business and allow the team to build on the lessons learnt to help countries around the world to achieve the targets of reducing reliance on coal, increasing energy security, and finding long term solutions to the growing waste problem."
Posted at 22/3/2022 09:48 by manual dexterity
IMEC Atlantis Energy Limited SAE signs Heads of Terms
22/03/2022 9:45am
UK Regulatory (RNS & others)

Simec Atlantis Energy (LSE:SAE)
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Tuesday 22 March 2022

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RNS Number : 5880F

SIMEC Atlantis Energy Limited

22 March 2022


22(nd) March 2022


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

SAE signs Heads of Terms to progress Uskmouth Sustainable Energy Park

SAE is continuing to progress the development of the Uskmouth site into a sustainable energy park. To facilitate this, SIMEC Group, a c.29.7% shareholder in the Company and which sold the Uskmouth project to SAE, has agreed to provide the necessary consents for such development pursuant to rights that it holds under a lease on land at Uskmouth and under a debenture for an existing GBP2 million convertible loan from SIMEC Group to SAE.

SAE has entered into a Heads of Terms with the SIMEC Group, which commit SAE to establishing a SPV, owned 85% by SAE and 15% by the SIMEC Group, which will hold the land and assets required to progress sustainable energy projects at the Uskmouth site. An agreement will be put in place providing for a share of revenue from any projects realised at the site in accordance with the SPV shareholding percentage and for full step-in rights for either party in the event of insolvency of the other party.

SAE understands that the SIMEC Group (via SIMEC UK Energy Holdings Limited) owns approximately 29.7% of the issued share capital of SAE. As a result, pursuant to AIM Rule 13, the entry into the agreement described above will be deemed a related party transaction. The Directors of SAE (all of whom are independent for these purposes) consider, having consulted with SAE's Nominated Adviser, Investec Bank plc, that the terms of the agreement are fair and reasonable insofar as the shareholders of SAE are concerned.

For more information please contact:

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

Arden Partners PLC - Joint
Broker +44 (0) 20 7614 5900

Ruari McGirr
Richard Johnson
Simon Johnson
Simec Atlantis Energy share price data is direct from the London Stock Exchange

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