SIMEC Atlantis Energy Limited (DI) (SAE)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

 1.00p
   
  • Change Today:
      0.000p
  • 52 Week High: 1.57
  • 52 Week Low: 0.75
  • Currency: UK Pounds
  • Shares Issued: 722.81m
  • Volume: 581,426
  • Market Cap: £7.23m
  • RiskGrade: 67

Atlantis tidal steam turbine deployed in 'record time'

By Josh White

Date: Monday 20 Feb 2017

LONDON (ShareCast) - (ShareCast News) - Tidal power developer Atlantis announced on Monday that the first AR1500 tidal stream turbine has been deployed and energised at the MeyGen project site in the Pentland Firth, Scotland.
The AIM-traded company confirmed the Atlantis AR1500 tidal stream turbine was successfully deployed in less than 60 minutes following the earlier connection of its proprietary wet mate connection management system, which allowed for rapid deployment and retrieval of the tidal stream turbine.

It followed the announcement in November 2016 that first power had been delivered to the grid from the first of the three Andritz Hydro Hammerfest tidal stream turbines.

"The AR1500 is the fourth turbine that has been deployed offshore and connected to the grid onshore at a control building at Ness of Quoys in Caithness," the Atlantis board explained.

"This building has been grid connected since June 2016 and it is at this location that the power from the project is converted and combined to form a 6MW grid compliant tidal stream power station which directly supplies energy to the local electricity distribution network in Caithness."

Atlantis said it was the first phase of the MeyGen project which has a total planned build out of almost 400MW, with construction for the next 6MW phase due to commence later in the year.

The AR1500 turbine system was designed under contract by Lockheed Martin Corporation, tested and commissioned at the Offshore Renewable Energy Catapult facility in Blyth and finally loaded out from the project's operations and maintenance base at Nigg Energy Park in Scotland.

The turbine and cable installation works were carried out by James Fisher Marine Services and followed the installation by GeoSea NV of the four foundation structures.

Atlantis is the indirect majority owner of the MeyGen project through its 92% shareholding in Tidal Power Scotland, which owns 83.5% of MeyGen alongside Scottish Enterprise at 16.5%.

Phase 1A of the MeyGen project was funded through a combination of debt, equity and grants from Atlantis, Scottish Enterprise, Highlands and Islands Enterprise, The Crown Estate and the former Department for Energy and Climate Change.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SAE Market Data

Currency UK Pounds
Share Price 1.00p
Change Today 0.000p
% Change 0.00 %
52 Week High 1.57
52 Week Low 0.75
Volume 581,426
Shares Issued 722.81m
Market Cap £7.23m
RiskGrade 67

SAE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
29.33% above the market average29.33% above the market average29.33% above the market average29.33% above the market average29.33% above the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average
Price Trend
56.75% below the market average56.75% below the market average56.75% below the market average56.75% below the market average56.75% below the market average
27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average27.27% above the sector average
Income Not Available
Growth
11.59% below the market average11.59% below the market average11.59% below the market average11.59% below the market average11.59% below the market average
25% below the sector average25% below the sector average25% below the sector average25% below the sector average25% below the sector average

SAE Dividends

No dividends found

Trades for 29-May-2024

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14:18 25,505 @ 1.00p
13:40 90,000 @ 1.02p
10:23 109,875 @ 0.93p

SAE Key Personnel

CEO Graham Reid
CFO Simon Hirst

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