SIMEC Atlantis Energy Limited (DI) (SAE)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

1.83p
   
  • Change Today:
      0.22p
  • 52 Week High: 2.95
  • 52 Week Low: 0.75
  • Currency: UK Pounds
  • Shares Issued: 722.81m
  • Volume: 2,645,720
  • Market Cap: £13.23m
  • RiskGrade: 67

Simec Atlantis deploys substantially-upgraded turbine

By Josh White

Date: Wednesday 05 Jul 2023

LONDON (ShareCast) - (Sharecast News) - Simec Atlantis Energy announced the successful deployment of 'Turbine 2' at the MeyGen site on Wednesday, marking a significant milestone in the company's ongoing efforts to enhance performance and reliability in tidal energy generation.
The AIM-traded firm said the latest turbine had undergone substantial upgrades, with a notable improvement being the conversion to a wet-mate connection system.

It said that development had resulted in a significant reduction in costs and time required for future maintenance work.

By adopting the technology, SAE said it was aiming to position the upcoming phase of turbines at the MeyGen site as the most advanced and high-performing in the industry.

It said that as a demonstrator project, the valuable lessons, improvements, and innovations derived from the MeyGen site were instrumental in unlocking commercial and scalable projects in the future.

With that in mind, SAE said it had made the strategic decision to expedite the reshoring of 'Turbine 4' to facilitate preventative maintenance and upgrade work.

It said the proactive approach would enable it to further drive improvements, as well as gather essential data and knowledge required to unlock the next phase of turbines at the MeyGen site.

"The value in MeyGen phase 1 for SAE and the industry is in proving the technology but also in the constant innovation and lessons learnt that allow us to unlock truly scalable and commercial projects," said Graham Reid, chief executive officer of SAE Renewables.

"The successful upgrade and deployment is a major milestone, and I wanted to add a personal thank you to all the team who have gone above and beyond to enable this.

"Their hard work and passion deserve recognition, without them, there is no industry, and they should be incredibly proud of another milestone achieved."

Reporting by Josh White for Sharecast.com.

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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 1.83p
Change Today 0.22p
% Change 13.66 %
52 Week High 2.95
52 Week Low 0.75
Volume 2,645,720
Shares Issued 722.81m
Market Cap £13.23m
RiskGrade 67

SAE Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
37.95% above the market average37.95% above the market average37.95% above the market average37.95% above the market average37.95% 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
92.65% above the market average92.65% above the market average92.65% above the market average92.65% above the market average92.65% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average
Income Not Available
Growth
63.22% above the market average63.22% above the market average63.22% above the market average63.22% above the market average63.22% above the market average
25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average25.00% above the sector average

SAE Dividends

No dividends found

Trades for 21-Nov-2024

Time Volume / Share Price
16:26 500,000 @ 1.88p
16:40 53,530 @ 1.83p
16:40 3,530 @ 1.83p
16:40 23,422 @ 1.83p
16:40 26,578 @ 1.83p

SAE Key Personnel

CEO Graham Reid
CFO Simon Hirst

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