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(Alliance News) - Sustainable energy firm SIMEC Atlantis Energy Ltd on Thursday said its tidal power projects have continued to perform well in the first half of its financial year.
For the six months to June 30, SIMEC reported a pretax loss of GBP12.4 million, widened from GBP9.1 million, mainly due to the consolidation of the flagship Uskmouth power project in Wales in June.
Revenue, however, climbed 53% to GBP2 million.
At Uskmouth, SIMEC is now carrying out a tender to find a contractor to build the combustion system, with the tender to close imminently. It is on track to start operations in 2021.
SIMEC's MeyGen tidal power project in Scotland has now produced over 21 gigawatts of electricity and has operated above 90% capacity in 2019, the "best ever" performance for the site.
Chief Executive Tim Cornelius commented: "The performance of the MeyGen tidal power array during 2019 is testament to our investment and belief in the commercial scale prospects of tidal power to date. Reliable, predictable revenue generation from energy extracted in an environmentally benign manner.
"We now look forward to working with government and industry to deliver the next phases of MeyGen in partnership with world leading data centre operators and the local community in Caithness."
"The Uskmouth conversion is making good progress and it is a privilege to be involved in such a flagship project. This conversion addresses two major societal issues; firstly, the increasing demand for electricity and secondly the productive use of non-recyclable waste destined for landfill. Uskmouth tackles these issues whilst maintaining and creating jobs in South East Wales," he continued.
SIMEC shares were 1.6% higher on Thursday shortly after midday, at a price of 9.65 pence each.
