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Great report and, in answer to your question Brydo, I don't see in negatives.

To add to the positives, the text pasted below from the report intriguingly suggests that they may soon be bringing more BESS schemes to fruition:

Ampeak's team, working closely with its project partners and other development organisations, has been actively identifying and progressing new battery storage projects capable of reaching financial close in the near term. A number of these opportunities, over which Ampeak holds exclusivity, will further expand the portfolio and support delivery against the Company's 2030 target of 2 GWh of battery storage projects in operation, a more than eight times increase over the current AW1 project, and 10 GWh by 2035.

I agree with you. I also hold Invinity and remember posting when the BESS at Uskmouth was being considered by planning that AMP should consider Invinity for their next BESS because the vanadium flow batteries are free from the fire risk of lithium batteries (the major concern of the planners).

I agree. I've topped up slowly and now have 1.5 million shares I'm holding for the long term.

I was interested to hear today that Centrica had bought a power station in "South Wales". It turns out to be the station adjacent to Ampeak's BESS constructions:

An 832 MW combined cycle power plant running on natural gas, known as Severn Power Station, was built on the site of Uskmouth A by Siemens. It comprises two gas turbines and two steam turbines, each operating on a single shaft, and entered commercial operations in November 2010. It was initially reported that it would cost £400 million to build and create 650 construction jobs.

Originally owned and operated by the Danish company DONG Energy (now Ørsted), the station was acquired in December 2013 by MPF Holdings, which later changed its name to Calon Energy. The station was put into a 'dormant state' in August 2020 following Calon Energy entering administration

Thanks TL for the link.

War in the Middle East illustrates why the UK should have better energy security and Ampeak is right there. Electricity direct from Scottish waters that's wired into UK grid so it can't go missing (unlike potential oil drilling at new sites in Scotland where oil will be sold on world markets). Expansion of Meygen will also employ the skills of mariners in Scotland at risk of unemployment as oil industry declines. What's not to like? Why the delay?

We need institutions like great British energy and crown estate to sign up for rapid deployment of the AR3000 turbines that will bring down the cost of tidal energy. Has Ampeak created this excellent video to push them towards finally signing the paperwork that's probably been on someone's desk for ages? I hope so and Ampeak should say how quickly their electricity can flow into UK in comparison with allowing drilling for more oil. As a LTH I'll watch for an RNS...

See RNS just released today; great news

I recollect that Ampeak applied a while ago for permission to substitute one large AR3000 turbine for the 4 smaller turbines that were planned and approved for the next installation and supported by CfD funding. Not sure when those permissions will be granted but it would provide the data from a real life demo project that you mention.

I got the same announcement about my subscription to Proteus via Crowdcube and have the same interpretation as Mister Tidal: they needed our funds to get them to a better financial stage and have now reached it. Presumably they anticipate sales of turbines soon (before the lock up date of June 2026) with Ampeak being an obvious customer.

Yes, Merry Xmas to all LTHs

I agree with you mister tidal and would add the possibility of Great British Energy with/without Crown Estate and Scottish Government offering financial support for build out of the full Meygen project.

Agree Ampeak is going up in the world although it's difficult to predict exactly when the share price will take off. As a LTH I'm in for the long run.

I'm a LTH since 2016.

I have slowly amassed 1.5 million shares at average of 3.29

I think the long term potential here is great with government needing both battery support and new source of baseload electricity through tidal (potentially meeting 11% of UK needs). Suspect Great British Energy and Crown Estate will support tidal delivery at Meygen. I also subscribed for shares in Proteus who say the backstop date by which they need to price the shares is June 2026 ie they expect to have big orders (presumably Meygen, France, Japan) by then.

As to exit, I'm keeping Ampeak long term with the added attraction of reduced inheritance tax for my children when I finally drop off my perch...

Thanks for the link old tramp.

I watched the proceedings and it was approved with the conditions previously recommended.

Much of the discussion concerned fire risk. Ampeak should consider using batteries that are less likely than lithium to catch fire (such as vanadium flow; I have shares in AIM company Invinity that make these) for AW2 and especially AW3 where the question is bound to come up again once even more batteries are on site.

I got in just before 10 o'clock but price had already gone up; paid 499.99 for 19,880 @2.47

Good find Magic-orb.

Note comment that UK has only 4.5 GW storage but will need 23-27 GW by end of 2030. Ampeak is perfectly placed to help bridge the gap.

Hopefully "Ampeak" will retain us LTH and lose some of the short-termers

I agree with you Mehmet.

I'm a LTH having first bought in 2016 at the princely sum of 73p.

I came home last night to discover the massive re-rating so I'm in the black for the first time ever.

I have no intention of selling because the long term potential is high. Agree the current price reflects BESS with no contribution from tidal. As interest rates come down (hopefully starting tomorrow) GBE get going and the Crown Estate invests we will hopefully see reasonably cheap project finance appear to cover the capital cost of installing big AR3000 turbines at Meygen. Meanwhile, I bought options in Proteus via Crowdcube and their back stop date is June 2016 ie they expect to have an order from Meygen by then which will value their shares. So, all should be clearer within a year and the current tree shake to scare out weak shareholders will hopefully be short lived.

I agree that people are emphasising disappointments without balancing the upside potential.

The link to the excellent brief news article mentions deployment of AR3000 turbines in 2026.

As well as owning shares in SAE I joined the Crowdcube share options for Proteus in October. The Longstop date for these is 30 June 2026 ie by then Proteus must tell us the price of their shares, which should be based on projected future sales of turbines. This matches with the declared timeline of starting to install turbines in 2026. So, once again, SAE shareholders just have to hold tight for another year.

However, I do agree with the comments about excessive pay for senior staff; better to incentivise them with cheap share options rather than spend much needed cash.

Thanks Mehmet66 for that thoughtful and careful review.

I agree and, as a LTH, have only positive developments to look forward to.

I also subscribed to Proteus future shares via Crowdcube and see the long stop date is the end of June 2026; in other words they expect to issue shares before then , presumably because they will have received a large order for turbines at Meygen. This gives us another firm date in the calendar.

Great podcast; thanks for posting.

As I write this, share price has shot up because of AW2 BESS news.

SAE is looking good in both Scotland and Wales!

Just FYI. I sold 550,000 shares in 3 tranches this morning and bought them back in my ISA now we have a new tax year.