LONDON (Alliance News) - SIMEC Atlantis Energy Ltd said Wednesday that it was awarded a EUR1.0 million grant to support its turbine development programme by a European agency.
The European Executive Agency for Small & Medium-Sized Enterprises, via the European Maritime and Fisheries Fund, awarded the grant to SIMEC, a company focused on the production of sustainable energy, and its partner Asturfeito SAU.
"This grant will support the innovations required to take the MeyGen project enhancement forward with a specific focus on the turbine upgrades needed to utilise the subsea hub and shared export cable," SIMEC added.
The company expects the two-year project to commence in January.
At the end of October, SIMEC said that it was in advanced plans to add two new tidal turbines to its MeyGen tidal energy project, under construction on the coast of Scotland. The new turbines will reduce costs, SIMEC said.
SIMEC Atlantis shares were trading down 1.3% at 21.22 pence each.
SIMEC Atlantis Energy (SAE)