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SIMEC Atlantis (SAE) Shares Rose 3.2% on the MeyGen Update

Simon Mugo trader
Updated 8 Nov 2022

Trade SIMEC Atlantis Shares Your capital is at risk

Key points:

  • SIMEC Atlantis (SAE) shares edged 3.2% higher on the MeyGen update.
  • The firm has made significant progress and is about to launch phase 2.
  • Today’s update revealed that the firm had made critical appointments.

The SIMEC Atlantis Energy Ltd (LON: SAE) share price edged 3.2% higher after issuing an update about the progress made at its MeyGen site in Scotland. The tidal energy company revealed that it had appointed Mark Evans as the Project Development Director.

Also read: The Five Best Green Energy Stocks In 2022.

Mark has over 20 years of experience in the renewable energy development sector and has participated in the delivery of multiple wind energy projects generating over 1 GW of power. He has a proven track record of successfully implementing major renewable projects combined with his passion for tidal energy.

SIMEC Atlantis appointed Lumin Capital as the financial advisor for the MeyGen phase 2 project to help secure the necessary funding. Lumin Capital is an international corporate advisory firm with extensive experience working with project developers globally to secure funding and enhance shareholder value.

Lumin Capital will play a critical role in the project. It will be a vital part of the team responsible for delivering the project and structuring the appropriate financing package to protect and enhance shareholder value.

Investors barely reacted to today’s news despite the company highlighting its significant progress in delivering the first commercial-scale tidal array globally at its MeyGen site.

SIMEC Atlantis’s last significant announcement was on October 31, 2022, when it revealed that it had sold a majority stake in its Advanced Tidal Engineering and Services division (ATES) to Proteus Marine Renewables Limited.

The company said that the sale would reduce its overall operating costs while allowing it to maintain its majority stake in the MeyGen site. Investors had a mixed reaction to the news as SAE shares rallied higher, then fell, giving up all their gains.

*This is not investment advice.

SIMEC Atlantis (SAE) share price.

SIMEC Atlantis (SAE) share price 08-11-2022
Source: Tradingview

The SIMEC Atlantis (SAE) share price edged 3.2% higher to trade at 1.290p, rising from Monday’s closing price of 1.250p.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading