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Shares of SIMEC Atlantis Energy Ltd (LON: SAE) today surged 16.9% after the company revealed that it has approved together with its project partner Asturfeito to advance their project to the manufacturing stage of the Variable Pitch System for Tidal Turbine Generators (VPSTTG).

The project will be funded by a €1 million grant from the Executive Agency for Small and Medium-sized Enterprises (EASME), taking the project one step closer to completion.

The goal of the project is to reduce the cost of energy generated via tidal technology through the production of an affordable Variable Pitch System (VPS).

The VPS will be tested on-shore once the manufacturing process is completed and will be used on future turbines contributing to the evolution of the tidal energy industry by providing more efficient and affordable access to renewable energy.

Drew Blaxland, Director of the Atlantis Turbine and Engineering Services Division, commented: “This is an exciting time for the company as we work together with Asturfeito to make the cost of tidal energy more affordable and accessible for all. We would like to thank the Executive Agency for their continued support and the amazing project team who have taken us to this stage”

Ricardo Rodriguez, General Manager Asturfeito, added: “Our team is very proud to support Atlantis in this challenge to bring tidal energy to the next step of industrialization. At Asturfeito we believe in the development of sustainable energy sources, and this collaboration fits perfectly with our strategy.”

SIMEC Atlantis share price

Tradingview chart of SIMEC Atlantis share price 09112020

SIMEC Atlantis shares today surged 16.9% to trade at 24.8p having gapped up from Friday’s closing price of 21.2p.

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