(Alliance News) - SIMEC Atlantis Energy Ltd on Monday said it has received the GBP4.0 million development premium from Uskmouth Energy Storage Ltd.
SIMEC is a Edinburgh-based energy company focused on tidal energy.
The payment is part of the arrangements that allow Uskmouth Energy Storage to deliver a 230/460 megawatt per hour megawatt battery energy storage system at the Uskmouth site in Wales.
"This marks another major milestone in the delivery of one of the largest BESS projects in the UK and the unlocking of value for SAE and its shareholders," SIMEC said.
The company also said that it has made "good" progress with finalising its audit. It is now on track to publish its 2022 results later this month.
SIMEC shares were suspended on July 3, after it missed its deadline for posting its annual results.
At the time, it said it has been advised by the auditors that the audit is "substantially complete" and that there are "no material audit issues" causing the delay.
By Sophie Rose, Alliance News reporter
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Simec Atlantis (SAE)