Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
I recall posting back in April last year when I stumbled across a LinkedIn post about a housing project in South Wales (but then the LinkedIn post was removed). Then there was this article https://www.insidehousing.co.uk/news/news/welsh-government-confirms-1bn-social-housing-spend-over-next-three-years-74426#:~:text=The%20spending%20was%20first%20announced - which detailed that the Welsh government was going to spend £1bn on social housing spends over next three years. Can't be sure that the following link is in anyway connected but Melin Homes are a Leading Housing Association in Wales and are 'working with Zenova to see if their insulating paint helps to heat our homes efficiently and economically' : https://www.linkedin.com/posts/melin-homes_sustainable-energy-future-activity-7010532283090640897-dqUA?utm_source=share&utm_medium=member_desktop
OHS
Well, I’m actually a teeny weeny bit impressed with todays RNS…..so much so that I have actually opted for the opinion tab and selected Weak Buy. It seems ZED may be beginning to recognise the fruits of their labour and the trade shows they have been promoting their products at are now brining revenue streams (clapping emoji hands!). Fair dues to the development team, the FX500 looks like a pretty decent piece of kit to have at hand and OMNIS’ website looks to have a well laid out promotion campaign for Zenova’s products. I think I’ll keep my peelers on this and see if I can find anything else that could be in the horizon
OHS
Decision notice now uploaded if anyone's interested in the fine print:
https://documents.newport.gov.uk/PublicAccess_LIVE/Document/ViewDocument?id=C23B06956DA347068A8A2212A8529F75
OHS
Afternoon all - Good news this morning but I think it was almost a certainty and for approval to be expected........although the thought of a certain member of WG calling in the decision did cross my mind!!! So what's next to hear from Uskmouth? - I expect an RNS will follow to confirm the planning decision and then either in the same RNS or another one, we'll hear of the circa £6m that was due on receipt of planning from UES. Then there's the £4m on financial close in Q1 of next year to look forward to. Should keep them tidied over for a bit but they did say that 'some' of this money will be used to pay back some of the debentures they owe to Abundance. Does the BESS now give them some collateral to raise some finances for other projects? And the future? - Well, CfD round 5 update due this month, more updates on Maygen Phase 2, collaborations with other tidal technologies? Nova Innovation? Other plans for other areas of Uskmouth (it's a big site!), NPA Fuels Ltd is still a registered company and partnerships were formed to explore the SAE/N+P JV into subcoal PAF for power station conversions - although Uskmouth was squashed, there are plenty of others that may not be so thwarted. In short, plenty more to come that 'could' add some value here but at the same time , keeping an awareness of remaining funds and requirements for more.....
Cheers for now,
OHS
This one has some detail of the vessels on page 4, 5 and a map of the area on page 15
https://marine.gov.scot/sites/default/files/ms-00009804_licence.pdf
https://marine.gov.scot/data/marine-licence-documentation?title=meygen&items_per_page=25
Looks like the Meygen Project applications have all been updated last week - although I cant see what the changes actually are as the attachments are the old ones?
OHS
Morning Strangy - That's what a public forum is for and always good to read differing opinions to balance the field. I took a sabbatical from posting on SAE but often checked in to read the board and saw that you were still an ever present poster form the 'good ol days', ha! I'm still looking for more info on the Nova/SAE 'collaboration' but nothing of interest as yet. I did come across this (link below and also the download at the bottom of the page) from October this year regarding TIGER and the cost reduction pathway but not sure if was posted on the BB as I haven't trawled back that far: https://ore.catapult.org.uk/?orecatapultreports=cost-reduction-pathway-of-tidal-stream-energy-in-the-uk-and-france
Cheers,
OHS
M_T - I'd say the most obvious answer to the question "and for what?" from your point 'So a second spoon of peanuts. Raz Blanchard has a theoretical capacity in the Gigawatts and SAE is now going to see 21% of the profits instead of 100% - and for what?' is, "Nothing", as in, no financing requirement, no capital raise, no further dilution, no more debt etc.... to fund the further development of their turbine business but 21% of the profitable revenue. As for Proteus one day looking to compete in CfD rounds against SAE - that is possible (I use the word in a very loose sense) but why would they need to when Meygen already has the capacity for the greatest expansion, is already licenced, infrastructured, operational and proven - imo of course
As I have stated many times on here over the years, it was the Uskmouth project that got me into SAE, the Tidal business was a secondary interest but one that obviously had it's merits. Yes, millions of £ has been spent on the IP of their tidal turbines but they were the front runners in this industry for quite some time and that money was needed to get them to where they got to today. A plethora of new companies have since come to market and with that, new technologies, idea and a multitude of financing options that have the potential to not only over shadow SAE but leave them in the proverbial dust trail as this market builds towards realising its true potential. I do think that if the Uskmouth project had gone to plan then they may not have been as quick to sell ATES but they needed to conserve cash and limit cash flow out of their coffers to stay afloat. I now see this as an overall 'positive, in the sense that they have a licenced tidal site with the infrastructure and licence to add hundreds more turbines and reap the revenue streams that go with it, without having to add any significant risk in terms of financing it
OHS
Why the concern with offloading ATES? I think it was a very good business decision if you look at it with perspective:
1. They've offloaded a division that made a pre-tax profit of approx. £0.4m in 2021 and had net liabilities of £0.5m as of 30 June 2022
2. SAE received around £0.5m for the sale and will receive a further deferred cash consideration of up to €0.5m if/when Proteus achieve financial close of Raz Blanchard.
3. Group operating costs significantly reduced as they no longer have to incur the bulk of the costs to deploy and recover the turbines at the Meygen site.
4. But.......SAE still own the Meygen project AND all 4 turbines, plus, with a 21% ownership of Proteus they still have a Collaboration Agreement (see point No.5 below) and contracts to ensure the provision of ongoing services that will allow Proteus to provide continued support to the MeyGen operating tidal array.
5. "Nova Innovation and SIMEC Atlantis Energy entered into collaboration agreement with the goal of delivering more UK-built tidal turbines in the water, turbo charging the tidal industry. The collaboration will see two companies work together to deliver their complementary technologies for the tidal industry, Scotland and the UK. The focus initially is on the commitment to deliver Nova Innovation and SIMEC Atlantis turbines at the MeyGen site."
https://www.offshore-energy.biz/nova-innovation-simec-atlantis-join-forces-to-turbo-charge-tidal-energy-industry/
Cheers,
OHS
Cheers Tidal - I’ve followed this saga from the beginning - if SAE is the metaphorical dog then WG should be banned from keeping animals for life! Ha!
Noisy - Will be interesting to see how this opens on Monday and/or if there’s a change in trade volume in anticipation to the meeting outcome on Wednesday.
OHS
Ah, so I’m not the only one who keeps an eye on this page! I saw this yesterday and had a good read. Not granted yet though, it’s the ‘Recommend’ to grant planning permission with some conditions (standard stuff). The meeting to approve (or deny) planning permission is this coming Wednesday:
https://democracy.newport.gov.uk/documents/g8338/Public%20reports%20pack%2007th-Dec-2022%2010.00%20Planning%20Committee.pdf?T=10&LLL=0
Another milestone soon to be achieved, and with that will come the £6m from UES (already loaned to them in principle so this will cover the the £6m they’ve already been given) and also paved the way for the additional £4m in Q1 2023 for financial close and then circa £40m revenue (via land rental etc….) over the next 30 years. Seems theirs still life in the old and beaten dog yet!
OHS
Good afternoon DevonLad - here's a good article just released by BB from the recent Web Summit:
https://bravebison.com/insights/branding-and-engaging-consumers-in-a-noisy-world/
OHS
Absolutely cracking RNS this morning. Hopefully this news is the catalyst for the movement north that we (and Finncap) believe it should be valued at
OHS
This is a really great post by DW!!, especially if you have followed his past posts and how much he can (or cant say at the time of writing them). Once again, keeping it fairly cryptic and not giving too much away but at the same time, to those of us who have researched this company and have followed the growth of VR, the Engage platform, the metaverse and current near term launch of Link and the newly launched META Connect......his use of key wording and phrases very much whets my appetite even further:
"Immediately for an extremely large and prestigious project"
"I can't say much yet about this project publicly"
#corporations and #celebrities
Blue day to finish off the week please!
OHS
No probs SC, I don't post much on here to be fair. Saw the twitter post OT - very intriguing considering DW is wearing the Meta quest Pro headset which isn't due for official release for another 2 weeks? Is he giving a 'nod' to a possible collaboration with Meta? He even mentions them in his post!
OHS
Ahem, 5
Morning all, this could be good for EXR:
https://www.unlock-bc.com/90610/abu-dhabi-and-dubai-take-part-in-global-metaverse-launch/
OHS
Oh if only I could use emojis on the LSE forum!!
Morning all - just been catching up on posts (whilst trying not to look at the current SP out of the corner of my eye!)….I failed :( Anyhow, this isn’t the first, second or even third time the SP has seen some really good gains, only to be slowly drifted back to where it started or even further below. I honestly can’t understand why this week has seen a new 52 week low!! Absolutely ridiculous imo! It does make me contemplate averaging down but I am also mindful that fall backs like these are quite often manipulated for a reason. What that reason is I don’t know - placement? Entice a seller for a background buyer? The market seemed happy to take a big amount of shares at 9p on Friday when I dummy traded but previous to that, much smaller amounts in the week. Cash burn v current funds is a grey area and a best guess regarding how much they ‘actually’ have left now from last financial update. As SC has stated, more personnel taken on and building Link and other worlds will have further depleted funds. That said, other contracts will have been signed and like OT has stated, some if not all of these will have NDAs in place. JDF7 - regarding updates on some of these contracts, here is a link to 3M which looks like they are using Engage as an everyday tool: https://www.linkedin.com/posts/3m_3m-spotlight-series-activity-6957383945013317632-AgBM?utm_source=linkedin_share&utm_medium=ios_app
OHS