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SIMEC Atlantis Energy Ltd - London-based sustainable energy generator and technology developer - Enters into a fuel joint venture agreement with Netherlands-based alternative fuel production and supply company N+P Group, with SIMEC Atlantis owning 50% of new company NPA Fuels Ltd. Says NPA will "produce, market, and deliver waste derived fuel products to converted coal fired power station operators throughout the UK, and the Uskmouth project in Wales." Notes NPA also will produce Subcoal, which is a waste-derived fuel product for sale to Atlantis-owned assets, as well as other converted coal-fired power stations in the UK.
"The waste derived fuel pellet developed by N+P Group over the past few years as part of Atlantis' multi-million pound research & development and testing program has been conducted in collaboration with multiple academic institutions and with the assistance of Mitsubishi Power Europe. This work has changed the way the industry views ageing coal fired assets, which are soon to be retired. We expect this fuel to be in high demand and securing supply for Uskmouth through our ownership of NPA Fuels is an important step towards achieving financial close," says Chief Executive Timothy Cornelius.
Simec Atlantis also says the tidal generation system it designed and built has arrived in Nagasaki Harbour in Japan, after leaving its construction location of Scotland in October. Adds it will be transported in January 2021 by support vessels to the designated deployment site in the Naru Strait, between the islands of Naru and Hisaka in the Goto Island chain.
Current stock price: 18.88 pence, up 28% on Tuesday
Year-to-date change: up 80%
By Zoe Wickens; zoewickens@alliancenews.com
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