Member Info for SARS

All good comments and helpful to read.

I find myself like mister tidal, having accumulated far more shares in SAE than I ever intended. However, I like what they've pioneered with tidal and impressed they could refocus their engineering skills to create the BESS initiatives. Overall, I feel confident that SAE share price will increase, so my heart wants me to buy more. This would be an easy decision if I were new to SAE. However, SAE is now the largest component of my share collection so my brain tells me to just hold on to what I already have...

The heart will win in January when I top up! Can't really explain why, but I would kick myself if they increased nicely in 2025/26 and I hadn't done so.

Happy New Year to all LTH in SAE!

Thanks Timaeus and I agree this is a strong step towards successful outcome now that the experts in various fields have agreed to work together.

Turning to finance, SAE will presumably use project finance/loans to raise the £200 million capital required and we can expect Great British Energy to get involved. I'm not a finance person but the report from Munin provides a way of calculating roughly how quickly such a loan could be repaid.

Munin tells us that 1034 MWh were generated from 3 turbines in October. These turbines combined have a nominal rating of 4.5 MW. Meygen will supply 65MW when complete giving an equivalent out put per month of 14,935 MWh (1034/4.5X65). This is equivalent to 179,226 MWh per year.

The Longspur Research note of 5 November tells us that the quoted strike price of £172 per MWh is worth £240 in today's money. So, 179,226 MWh at £240 = 43,014,400 per year. In round figures, 40 million per year would pay back the capital loan of £200 million in 5 years.

I know it's not quite as simple as saying the first AR3000 turbines will pay for the interest on the loan, the next turbines will start to pay back some of the loan and the payback will accelerate once all turbines are installed and no more capital expense is needed, but it's a way of thinking about the repayment.

Hope someone on this board is better at finance than me and can check these back of the envelope figures. If correct, they show why Meygen is a long term financial cash cow generating money for estimated 25 years, long after the installation has been paid for.

Update posted on Crowdcube today:

"We’re thrilled to be able to announce a major MOU, which includes supply to MeyGen PLC at its site in Scotland, the largest tidal stream facility in the world. This is part of huge new multi-megawatt tidal stream projects for Proteus, with partners SKF Marine and GE Vernova, with total contract value exceeding £200m.

Drew will be sharing more details on tomorrow’s webinar - Tuesday 5th November at 1 PM GMT. We look forward to seeing lots of you there.

Thanks to everyone who’s already registered for it - you can still get tickets HERE.

All the best,

Drew and the Proteus team"

"Investors are warmly invited to join us for a webinar next week on Tuesday 5th November at 1 pm GMT.

Join Drew for a live major announcement, as well as the opportunity to learn more about our tidal technology and ask any and all of your Proteus related questions.

Book your free spot via Eventbrite - we’re really looking forward to being able to share our news!"

I can't attend; hope someone else will be able to.

"We’re pleased to confirm that Crowdcube have agreed to extend our time on the platform, until 12th November. You’ve just read one huge announcement above! But we have more big news that we’ll be able to share in the next week or so, and we want to give all potential investors the opportunity to join us once they have a fuller picture about the business."

The "huge announcement" is that 4 AR3000 turbines are to be used in Raz Blanchard and their partners have been awarded funds from EU Innovation Fund to pay for this development. Good news but I wonder what they will announce "in the next week or so..."

Thanks for the link.

I couldn't join real time so watched this evening.

Excellent presentation emphasising long term growth opportunities.

I noted the CEO said they would buy turbines from Proteus; not surprised, but the comment should reinforce what Proteus seem to expect. Symbiosis indeed.

I have now subscribed to Proteus (my first time using Crowdcube).

These are my main conclusions from the Crowdcube Zoom today.

Drew Blaxland (Founder of Proteus and Civil Engineer by background) described the company and answered questions.

Their business model is to provide the technology and provide offshore services for tidal. They hold all the IP and now no longer need any R and D expenditure. They hope to soon announce who will be the manufacturer to produce these turbines ie manufacturing will be franchised out to a licensee. They are focussing on rolling out technology from the end of this year looking to deploy in France, UK (presumably Meygen) and Japan.

Answers to specific questions: their target availability of 93% has been exceeded by 96% at Meygen and 97% in Japan. Levelized cost of electricity is significantly reduced now so installation makes commercial sense. Valuation of Proteus depends on when revenue is received. Hence convertible loan note now to get them to a decision point at the end of 2025, 6 months before the longstop date.

Overall, I was impressed. I haven't done a Crowdcube before but have signed up and will make a contribution.

As always DYOR.

Thanks OT

I've registered for Friday's meeting

As far as I can see.

Took the opportunity to top up with 50,000 shares at exactly 2.0p each

Great RNS today further cementing SAE as company with excellent long term prospects for developments in several areas. The new government, Great British Energy based at Aberdeen and positive changes to National Grid all support sustained growth from now on.

I've just topped up with 50000 shares at 2.369

Interested to see if they show as a sell (like my last purchases) or a buy

I've just topped up with 50000 shares at 2.22

mentioned here because my last two buys showed as sells.

Great news.

I've just bought another 50000 shares

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

Over the years I've topped up in my non-ISA account because I thought they were risky despite good potential.

Now the company is established as a going concern I'm selling them 50000 shares at a time and buying 50000 back into my ISA account so that the future capital gain I hope for won't be taxable.

I'm sharing this on the board because the one thing we know for sure is what we're doing with our own shares.

Good luck all

I topped up at 1.95

Election of Labour govt supporting green energy (headquartered in Scotland) should help even more

I agree

Excellent positive RNS this morning

My purchase of 50000 shares shows as a sell

Agree: great news

https://mandrillapp.com/track/click/30759003/*********************?p=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

summary of potential changes to zonal pricing for electricity mentions sae as one likely beneficiary:

varied exposure for listed companies in our coverage universe we see drax group* (drx ln) benefitting through its cruachan pumped storage unit, simec atlantis* (sae ln) through potential for battery storage in caithness and nextenergy solar fund* (nesf ln) through new subsidy-free solar as well as its existing assets. we also see sse (sse ln) benefiting from its pumped storage asset at foyers and its gas assets benefiting from a weighting towards southern zones. centrica (cna ln) is exposed through its share in the uk’s legacy nuclear assets which have a mixed exposure due to their locations. the three battery yieldcos, gore street energy storage fund (gse ln), gresham house energy storage fund (grid ln), and harmony energy income trust (heit ln), all have some assets that could benefit locationally but most are weighted towards the middle zones which could see weaker bm income dominating. gore street is less impacted given its international diversification. invinity energy systems* (ies ln) could benefit from regional volatility as it will now invest in uk long duration storage.