I am interested in what current thoughts are on Atlantis which has morphed into Simec Atlantis and now seems more focussed on a waste to energy project at Uskmouth though MeyGen plods on.
The sp has steadily slipped back to 27p
There is a new ticker - SAE
To summerise the state of play at the moment:
Atlantis underwent a reverse takeover with SIMEC Uskmouth Power Limited ("SUP") extending its interests into a bigger range of renewable energy projects and hence the name change.
Their website divides these projects into 3 areas:https://simecatlantis.com/Waste to Energy:
Taken on Uskmouth project in Wales – a coal fire power station and converting it to burn waste pellets (50% biogenic, 50% non recyclable plastics). Planned to be up and running by early 2020 and to be the first of many such conversions.Tidal Stream:
Continues with MeyGen – turbines in place and working above expectations. Next stage of commercialisation needs board sanction. Tidal Range:
Also in negotiation with the Duchy of Lancaster as its preferred developer for the proposed Wyre Valley tidal barrage and flood protection project. Price weakness has probably been influenced by the liquidation of Irish tidal energy company OpenHydro by its French parent due to a “deterioration in the market” and a “lack of commercial prospects in the long term.”
2017 had been a particularly challenging year for the Irish group. During that period, the group, with operations in Ireland, Scotland, Canada and Japan, sustained about €160 million in losses. https://www.irishtimes.com/business/ene ... -1.3577586Ocean Energy Europe (OEE) chief executive Rémi Gruet said that although the liquidation was “disappointing news”, closures are “part of pioneering and innovating in a brand new industrial sector, on the road to commercialisation”.
“Today, numerous tidal stream projects are consistently producing power around Europe,” Mr Gruet said.
“Costs are coming down fast with every new project, and the EU has set targets for tidal to reach 10€c/kWh by 2030, well below offshore wind costs only five years ago,” he said.https://www.investegate.co.uk/simec-atl ... 00061994U/
The turbines on MeyGen are undergoing inspection currently:-plan to retrieve two of the Andritz Hammerfest Hydro ("AHH") turbines during this month for inspection and maintenance by the turbine supplier following diagnosis of a generator fault by the on board monitoring systems.
The four turbines, when in place, are producing power to the grid:https://www.investegate.co.uk/atlantis- ... 00046478K/The completion of the construction of Phase 1A combined with the ongoing production and reliability levels achieved help to progress the viability of tidal stream energy as a clean and predictable energy source. Revenue from power sales on the Meygen project of £0.3 million in the year relates to power generation post commissioning of the individual turbines late in 2017. The entire Meygen Phase 1A project entered the 25 year operating phase at the end of Q1 2018 and as a result power sale revenues are expected to significantly increase in 2018.
From the Annual Report 2017:In Europe, only the UK has more tidal stream resource, and with over 500MW of seabed options awarded to the Group we are also well positioned to continue to grow in the UK. In the 2017 auctions for contracts for difference we submitted an application to enable construction of a further 80MW of capacity at our MeyGen site. The price we submitted was significantly below the administratively set strike price for tidal stream projects, and represented a reduction in subsidy support of two thirds versus that awarded to the first phase (Phase 1A) of MeyGen under the Renewables Obligation (the previous mechanism for supporting development of renewable technologies). However, on this occasion the vast majority of the available contracts were awarded to large offshore wind projects, and our application was unsuccessful. We continue to engage with the UK and Scottish Governments to ensure we can build on the success of MeyGen Phase 1A, and we anticipate participating in the next auction rounds in 2019.
So it looks like another year before any further increase in capacity at MeyGen?
From the June results:https://www.investegate.co.uk/simec-atl ... 00046373R/
Group loss of 10.3m in 2017
Cash at December 2017 was 5.6m. Since then
4.1m was raised in May17 (new shares)
5m was raised in July17 (bond)
5m was raised through second bond in April18
20m was raised by equity fund raising
So that makes around 40m in hand less recent costs.
Uskmouth power station was acquired for 49.99% of Atlantis shares in June 2018.https://www.investegate.co.uk/atlantis- ... 05063344Z/The converted Plant, which is intended to enter commercial operations in 2020, will sell all its power under two 20 year power purchase agreements ("PPAs") to GFG Alliance companies (GFG Alliance is a multi-billion dollar global presence in mining, energy, metals and engineering) and will receive fuel under a proposed 20 year fuel supply agreement ("FSA") with a joint venture company.
The CEO TIM Cornelius now seems focussed on the new project and quite bullish about its prospects: https://www.youtube.com/watch?v=67vc19rvCrE