FINANCIAL HIGHLIGHTS

  • The MeyGen project generated revenues of £3.2 million from the sales of power and Renewables Obligations Certificates
  • GHR’s hydro, O&M and project management divisions contributed £2.6m revenue
  • ATES division contributed £6.5m of revenue from project development and installation of the tidal turbine in Japan
  • Overall Group losses for the year were £19.7 million (2019: £35.4 million). The decreased loss is due to the revenue generated by
    the ATES division along with full year results of GHR being included in Group results since acquisition in October 2019. The 2019
    loss was driven by the loss of £16.1 million non-cash disposal of seabed options for five development sites.
  • Group total equity at 31 December 2020 of £81.8 million (2019: £94.0 million).
  • In February 2020, Atlantis raised over £3.8 million, before expenses, through the Abundance ethical investment platform to further
    the successful delivery of the SUP conversion.
  • On 6 August 2020, the Company announced a placing which raised gross proceeds of £6.5m through the issue of 54,166,666
    new ordinary shares at 12 pence per share and a further £1 million through the issue of 8,333,333 new ordinary shares at 12
    pence per share. In aggregate, the fundraising raised gross proceeds of £7.5 million and resulted in the issue of 62,499,999 new
    capital and an intended investment in a new fuel production joint venture.
  • On 16 December 2020, Atlantis announced a share placing agreement with New Technology Capital Group LLC, a US based
    investor in relation to the issuance of new ordinary shares in the Company to raise up to £12.0m. An initial investment of £2m
    was made during 2020, with a further tranche of £2m received in Q1 2021. The proceeds derived from the Agreement are
    intended to be used to allow Atlantis to take advantage of investment opportunities arising over the course of the next year, across
    the Company’s tidal energy, waste to energy, hydro and sustainable infrastructure project portfolio. Further details of the agreement
    are available at www.simecatlantis.com

OPERATIONAL HIGHLIGHTS

  • 2020 saw Phase 1 of the Group’s flagship MeyGen tidal energy project continue to break records, it has now delivered over 37GWh
    of clean and predictable electricity to the grid.
  •  GHR substantially completed 3 further hydro schemes on behalf of its clients. Construction continued during most of 2020 despite
    the restrictions placed on constructions sites. Sites under Operations and Maintenance agreements generated throughout the
    pandemic and delivered high levels of availability.
  • In 2020 Atlantis announced it had opened an office in Nagasaki Japan as a base for the Group’s newest entity Atlantis Operations
    Japan (“AOJ”). The Nagasaki office is the base for managing the construction works for the Group’s utility client, KME. The Scottish
    made tidal generation equipment arrived in Japan in December 2020 and was successfully commissioned in February 2021.
  • In March 2020, the MeyGen project was awarded £1.5 million in grant funding from the Scottish Government’s Saltire Tidal Energy
    Challenge Fund to develop a subsea tidal turbine connection hub for the next phase of development of the MeyGen tidal power
    array. The subsea hub was successfully installed in September 2020 and its deployment is a key part of the overall cost reduction
    strategy for tidal power generation.
  • In March 2020, Atlantis announced the successful production of 100 tonnes of fuel pellets for large scale combustion testing and
    successful completion of large-scale milling tests on the 100% waste derived fuel pellets to be used at the Uskmouth power station
    post conversion.
  • In June 2020, Atlantis announced the successful completion of the combustion testing as a significant milestone for the project.
    The test conclusively proves that a pulverised fuel burner based on MHPS’s DS® Ultra Low NOx burner can be used to stably
    combust the waste derived fuel unsupported (i.e. without any oil or gas support firing). The burner was able to operate continuously
    at 25MW thermal power using the fuel and is comparable in rating to the burners required for the Uskmouth conversion project.

POST YEAR END HIGHLIGHTS

Tidal Stream Highlights

In February 2021 we announced that our Scottish built tidal turbine and generation equipment was successfully installed projects in the Goto Island chain in Japan. The tidal turbine clocked its first 10 MWh of generation within the first ten days of operation and continues producing clean electricity in Japan. We are discussing with our partners in Japan the likely next stages in the development of this project.

SIMEC Uskmouth Power

The Welsh Government announced the ‘call-in’ of the planning application for the construction of new silos, conveyors, and rail upgrade for handling the new fuel external to the existing Uskmouth power station. The Company has submitted its Statement of Case insupport of the planning application. Work continues with Natural Resources Wales on the permit application.

GHR

The penultimate hydro schemes were commissioned for clients and were connected to the grid well within the Feed In Tariff deadlines. Work is well underway on the remaining hydro construction projects and the Operations and Maintenance business further grows the portfolio under management.

Corporate

On 18th May 2021, receivers were appointed over the shares of the Company’s major shareholder, SIMEC UK Energy Holdings Ltd (“SUEH”). At the date of the publication of these results, the Company is in productive discussions with the receivers of SUEH and continues to focus on its tidal, Uskmouth and hydro projects with vigour and intent.