The SIMEC Atlantis Energy Ltd (LON: SAE) share price did not move after announcing that it had deployed the second turbine at the MeyGen site after undergoing significant upgrades to improve performance and reliability.
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A critical upgrade on the turbine was its conversion into a wet-mate connection system. The design change significantly reduces costs and the time needed for future maintenance work. This innovation is critical in ensuring that the next phase of turbines deployed at the MeyGen site deliver industry-leading performance.
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The upgraded turbines would not have been possible without the support of the EU-funded Tidal Stream Industry Energiser Project, also known as TIGER. As a demonstrator project, the lessons learnt, improvements and innovations are crucial to unlocking commercial and scalable projects.
SAE decided to bring forward the reshoring of ‘Turbine 4’ to allow for preventative maintenance and upgrade work. The decision will allow SAE to deliver improvements, learning and data needed to unlock the next phase of turbines at the MeyGen site.
The lack of movement in SAE’s share price was because the company’s shares were suspended from trading in the AIM market ahead of the publication of its annual reports. The suspension is temporary, and SAE shares should return to the market once the report is released.
Graham Reid, CEO of SAE Renewables, commented: “The value in MeyGen phase 1 for SAE and the industry is in proving the technology but also in the constant innovation and lessons learnt that allow us to unlock truly scalable and commercial projects. The successful upgrade and deployment is a major milestone, and I wanted to add a personal thank you to all the team who have gone above and beyond to enable this. Their hard work and passion deserve recognition, without them, there is no industry, and they should be incredibly proud of another milestone achieved.”
*This is not investment advice.
SIMEC Atlantis (SAE) share price.
The SIMEC Atlantis share price did not move on today’s announcement since the shares are suspended from trading on the AIM.
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