SIMEC Atlantis Energy is a global sustainable energy generation company. We are involved in the design, development, construction, conversion, installation, completion, testing, commissioning, operation, and maintenance of power projects around the world. We deliver world-class renewable project development strategies using our internationally renowned transaction team. Our intention is to own and operate sustainable power generation assets and create sustainable, long-term revenue streams for our shareholders. We also have a turbine and engineering services division, which designs, supplies and maintains world-leading tidal turbines and subsea connection equipment.
Our heritage is in tidal power generation, where we established a reputation as being a world leader in tidal power generator and system design and tidal power project development, construction management, financing and operation. We remain passionate about tidal power and we will continue to be at the forefront of project development and ownership as tidal races down the LCOE curve and becomes cheaper with every installed megawatt of capacity in operation.
In 2017, we established a strategic partnership with SIMEC, a member of the GFG Alliance, which is a world-leading industrial company at the forefront of the GREENSTEEL and GREEN ALUMINUM revolution. This partnership will transform our Company into a diversified renewable energy company of scale as we continue to integrate existing operating power generation assets from across the GFG group into SAE. We will also continue to seek external acquisitions to build up our generation portfolio. We intend, where technically possible and economically feasible to do so, to sell our power internally with the GFG Alliance to facilities owned by the group. Where this is not possible, we will sell the power into the grid via standard power purchase agreements or bespoke corporate power purchase agreements.
Our first project with SIMEC will be the 220MW SUP power station in Wales which will be converted to use a waste-derived energy pellet as fuel. This project will tackle the global issue of the treatment of non-recyclable waste through the use of these pellets as a fuel source to replace coal-fired generation at Uskmouth completely.
The acquisition is intended to be the first of a number of acquisitions from the GFG Alliance. Atlantis is, through a relationship agreement, being provided with investment rights by way of a right of first offer to a pipeline of renewable power assets owned or subsequently acquired by the GFG Alliance. These currently comprise a number of operating and development assets in the UK and Australia with a total gross capacity of 680MW.
SIMEC Atlantis Energy has a corporate presence in London where we are co-located with the GFG Alliance team in Mayfair. Our commercial and project development teams based are based in Edinburgh. We have an operations base located at Nigg Energy Park in Invergordon and our turbine and engineering services division is located in Bristol, England. SIMEC Atlantis Energy is quoted on the London AIM Stock Exchange (ticker SAE:LN) and currently employs approximately 100 experienced staff.
Atlantis pioneered the development and operation of marine power projects, creating a new asset class of predictable, unobtrusive, reliable energy generation. In essence, we deliver exceptional projects and rely on a very clever and dedicated group of people to overcome engineering challenges and just make things happen. The heritage of Atlantis stems back more than a decade when a group of engineers decided to design turbines that could efficiently harness the power of the moon. In 2006, Atlantis teamed up with Morgan Stanley (commodities) to drive the development of commercial-scale tidal power projects from concept to construction. In 2014, Atlantis partnered with Scottish Enterprise, the Department of Energy and Climate Change, the Crown Estate and Highland and Islands Enterprise to deliver the world’s first multi-turbine array, MeyGen Phase 1A.
Governments look at our unrivaled experience in tidal power project development in Scotland and know they are in safe hands. Our proven ability to put all the elements of development in place, from consent to construction to operation means they can rely on us to guarantee delivery and safely and successfully unlock the sustainable energy sources that will transform local economies.
Local partners are reassured by our international experience, our resources and our commitment to local communities. They trust us to bring their projects from concept to reality.
Investors look at our achievements, industry foresight, thought leadership and the world-class transaction team and gain confidence from our track record. Historically, we have provided them with unparalleled access and early entry into one of the world’s most rapidly growing and exciting new power markets – tidal power. We are now expanding that offering to waste-to-energy, hydro power, mini-hydro power, pumped hydro storage and battery storage.
As we progress through the development process, the value of an asset increases as the risk decreases. Our strength lies in the systematic de-risking of the project and the flexibility we offer the ultimate owners of the asset. They can choose to come on board at any time, depending on their risk-reward appetite. That could be at the late-stage development, financial close, construction or operation.
Our projects are typically backed by long-term power purchase agreements. Therefore, our investors have the assurance that cash flowing from the operational power plant will satisfy their on-going commercial needs.
We specialize in partnering with large corporations wanting to invest in renewable energy. The GFG Alliance is one of the world’s fastest-growing industrial groups and together, we seek to partner with government, utilities, private equity groups, pension and superannuation funds and fund managers to deliver innovative sustainable energy projects around the world.
Our goal is to quickly become one of the largest independent generators of energy from renewable and sustainable energy sources in the United Kingdom whilst developing commercial-scale portfolios in other jurisdictions across Europe, Asia and Australia.