(Alliance News) - SIMEC Atlantis Energy Ltd said Monday its variable pitch system for tidal turbine generators project has been given the go-ahead to proceed to the manufacturing stage.
As a result of the EUR1 million grant from the EU's Executive Agency for Small & Medium-sized Enterprises to support the development of the project, the company is now able to progress with its "mission to reduce the cost of energy generated by tidal technology via the production of an affordable variable pitch system".
"This is an exciting milestone for the company as it strives to make renewable energy more efficient, accessible and affordable for people around the world," Atlantis added.
Atlantis is developing the project alongside its partner Asturfeito SAU.
Shares in SIMEC Atlantis Energy were 10% higher in London on Monday at 23.40 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Simec Atlantis (SAE)