Globe-spanning engineering mavericks SIMEC Atlantis are steadying their 1GW-plus multi-technology raft of clean generation in choppy waters, trimming operating losses and strengthening supply bonds with partners from Wales to Japan.
Edinburgh-based, London-quoted but Singapore-incorporated, the firm seeks to portray a bankruptcy filing against its tax haven-based majority shareholder as no big deal.
SIMEC’s big projects advancing to maturity include conversion of the former coal-burning Uskmouth power station to low-carbon waste-derived pellets, and securing government approval for its turbine trialled off southern Japan, yielding £6.5 million in licensing income.
The company’s full year financials just out for calendar 2020 see 2019’s £35.4 million losses pegged back to £19.4 million.
Two share floats last year raised £7.5 million. Then in December, Atlantis announced a share placing agreement with US investors New Technology Capital, intended raise £12.0m in phases to fund purchases of projects and developers of interest. Two tranches in the deal together have yielded £4m.
Abundance, crowd-funding aggregators for green projects, emerge as facilitators for the 220MW Uskmouth project, providing £3.8 million before expenses last year for the venture.
SIMEC Atlantis’ flagship MeyGen tidal project off Orkney continues to break records, now delivering over 37GWh of predictable electricity to Scotland’s grid.
Bought in 2019, the firm’s Green Highland Renewables unit generated £3.2 million in sales of power and ROCs (Renewables Obligations Certificates). Its hydro division contributed £2.6m revenue from project management.
A Nagasaki office is the base for Atlantis Operations Japan to manage construction of a submarine generator for local power utility Kyuden Mirai Energy. The Edinburgh-made tidal turbine arrived in Japan in December 2020 and was successfully commissioned in February 2021 in seas off the Goto island chain.
In June 2020 Atlantis announced a French prefecture had approved the transfer of rights to a tidal project site in the Raz Blanchard from original developer ENGIE to Normandie Hydroliennes. The project ultimately aims to connect four turbines via a sub-sea hub and further reduce- the long-term cost of energy.