Simec Atlantis signs heads of terms for NPA joint venture
By Josh White
Date: Friday 07 Aug 2020
(Sharecast News) - Sustainable energy developer Simec Atlantis Energy announced on Friday that it has now signed a heads of terms in relation to a joint venture, NPA Fuels, with N&P Holding 2 - a wholly-owned subsidiary of Netherlands-based recycling specialist the N+P Group.
The AIM-traded firm said NPA Fuels would primarily be involved in the marketing, production and delivery of waste-derived fuel pellets to converted coal-fired power stations throughout the UK, in particular the Uskmouth project.
N+P and Atlantis were working to finalise a formal joint venture agreement, the board said, and would update the market once that was agreed and executed.
"We are very excited to be entering the fuel production market alongside our trusted partner and market-leader, the N+P Group," said chief executive officer Tim Cornelius.
"Atlantis is looking forward to building a large, profitable business with N&P, starting with supply to our ground-breaking Uskmouth project."
Cornelius said the firm's project development and marketing skills, coupled with their technical expertise and deep market knowledge, should create a new alternative fuel powerhouse.
"I would also like to thank Simec for agreeing to conclude their arrangements with the N+P Group and allowing us to enter into this arrangement that we believe will benefit all of our shareholders."
At 1303 BST, shares in Simec Atlantis Energy were up 0.5% at 12.96p.
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