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SIMEC Atlantis Energy company logo

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simecatlantis.com

Founded Year

1996

Stage

Crowdfunding - II | Alive

Total Raised

$11.36M

Last Raised

$4.93M | 3 yrs ago

About SIMEC Atlantis Energy

SIMEC Atlantis Energy is a developer of renewable and sustainable energy projects in Europe.

SIMEC Atlantis Energy Headquarters Location

4th Floor, Edinburgh Quay 2 139 Fountainbridge

Edinburgh, Scotland, EH3 9QG,

United Kingdom

+44 131 659 9690

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Expert Collections containing SIMEC Atlantis Energy

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

SIMEC Atlantis Energy is included in 1 Expert Collection, including Renewable Energy.

R

Renewable Energy

2,839 items

Includes companies working on technology to support renewable energy generation.

Latest SIMEC Atlantis Energy News

Simec Atlantis Energy reports widening losses

Jun 29, 2022

Simec Atlantis Energy reports widening losses Chairman says 'very challenging decisions' have been made, but now it has a 'clear path forward' Sign up to The Climate Agenda - the one-stop shop for green businesses and those fighting climate change Something went wrong, please try again later.Invalid Email Sign Up We use your sign-up to provide content in ways you've consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info Thank you for subscribing!We have more newsletters Show me See our privacy notice Simec Atlantis Energy has reported overall losses of £74.1m for last year, up from £19.4m in 2020. The Edinburgh-headquartered renewable energy company's final results for the year ended 31 December 2021 showed that this was mostly down to the recognition of impairment losses, such as £32m for the Uskmouth Power Station, following the decision in April of this year to not proceed with the conversion of the site. Total equity for the group at 31 December amounted to £16.7m, down from £81.8m. The MeyGen wind power project in the Pentland Firth generated revenues of £1.6m from the sale of power and Renewable Obligation Certificates, while Green Highland Renewables was sold during the year, providing £3.5m of liquidity. On 29 September 2021, a company placing raised gross proceeds of £2.6m through the issue of 104 million new ordinary shares, at 2.5 pence each. On 23 May 2022, Simec Atlantis entered into an agreement with Energy Optimisation Solutions and Quinbrook Infrastructure Partners to deliver a 230MW/460MWh battery energy storage system at the Uskmouth site. This project, which will deliver circa £40m in revenue over 30 years, represents a cornerstone project in the redevelopment of Uskmouth into a sustainable energy park. Earlier this month, the company announced that it had received consent from its Atlantis Ocean Energy debenture holders to defer £4.9m of principal repayments due on 30 June 2022 until 30 June 2023. In addition, the debenture holders agreed a three-month deferral of interest payments due on 30 June 2022. Chairman Duncan Black commented: “The last 12 months have been a very challenging period for the group, in which we have had to make a number of very difficult decisions, however, it has also been a period in which we have been successful in identifying and securing a number of new and exciting opportunities. “I believe that we end the period with a clear path forward for the group, a significantly streamlined business, and a number of exciting projects under development that will deliver value to shareholders.” Chief executive Graham Reid said: “We have been presented with many significant challenges, but I am incredibly proud that we’ve overcome most of these and I know we have the team, skills and assets in place to deliver long-term, sustainable growth. “While these have had short-term impacts on the business and our financial statements, I am convinced they are the right decisions which will ultimately deliver value to shareholders in the medium to long term.”

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  • When was SIMEC Atlantis Energy founded?

    SIMEC Atlantis Energy was founded in 1996.

  • Where is SIMEC Atlantis Energy's headquarters?

    SIMEC Atlantis Energy's headquarters is located at 4th Floor, Edinburgh Quay 2, Edinburgh.

  • What is SIMEC Atlantis Energy's latest funding round?

    SIMEC Atlantis Energy's latest funding round is Crowdfunding - II.

  • How much did SIMEC Atlantis Energy raise?

    SIMEC Atlantis Energy raised a total of $11.36M.

  • Who are the investors of SIMEC Atlantis Energy?

    Investors of SIMEC Atlantis Energy include Abundance Investment.

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