Simec Atlantis Regulatory News (SAE)

Press Release: 26 November 2021

Government gives the green light for a blue energy revolution

Nova Innovation and Atlantis Energy welcome the UK Government's announcement of funding for tidal stream energy and look forward to delivering more turbines in the water at the world-leading MeyGen site

Nova Innovation (Nova) and Atlantis Energy (Atlantis) have welcomed the Government's decision to establish a £20 million a year ring-fenced budget for tidal stream technology, available for 15 years under the Contracts for Difference (CfD) scheme, which could be awarded as early as April 2022.

This £300 million investment signals the UK Government's confidence in the role tidal energy can play in delivering net zero carbon targets. It creates a clear route to market for UK tidal energy companies like Atlantis and Nova that will create thousands of jobs across our coastal communities.

Simon Forrest, CEO of Nova Innovation, said:

"We are delighted that tidal stream energy has been recognised by the UK Government as a core part of the UK's green industrial revolution. The ring-fenced investment will deliver a route to market for tidal energy companies such as Nova Innovation and Atlantis Energy - turbocharging the delivery of tidal energy across the world."

Graham Reid, CEO of Atlantis Energy added:

"We would like to thank all who have championed our industry and believed in the global role tidal stream energy can play in the fight against climate change. We look forward to continuing to work in collaboration to deliver our ambition of more turbines in the water."

Nova and Atlantis teamed up earlier this year to develop the MeyGen tidal site in the north of Scotland. MeyGen is the largest consented tidal stream site in the world with a potential capacity of 400MW. It has all the necessary consents to deploy 80MW of tidal power immediately and is already home to the world's biggest tidal array and the world's most powerful tidal stream turbines. Following the announcement, Atlantis and Nova look forward to the deployment of many more turbines on the site, creating jobs, investment and reliable green energy to the Scottish grid.

Nova and Atlantis will now work with stakeholders to maximise this opportunity for Scotland and the UK, while demonstrating tidal stream energy's exciting global potential.

Tidal stream energy can deliver 100% clean, 100% predictable energy, without visual impact - complementing intermittent renewables like wind and solar power. A recent report by the Royal Society highlighted the UK is capable of delivering over 11GW of tidal stream energy by 2050, 50% greater than current UK nuclear capacity. Nova and Atlantis are driving forward to ensure the industry delivers on that target.

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Notes to Editors

Nova Innovation

Nova Innovation (Nova) is a world-leading tidal energy company with a disruptive, proven technology with global potential. The company designs, builds, installs and operates tidal energy turbines. ​Nova has offices in Scotland, Ireland, Wales, Belgium and Canada and is expanding into new international markets.

More on Nova Innovation: www.novainnovation.com

Pictures of Nova Innovation turbines for download: https://www.novainnovation.com/media-gallery/

Atlantis Energy

Atlantis Energy is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.

More on Atlantis: https://www.simecatlantis.com/

More on the MeyGen Project: https://simecatlantis.com/projects/meygen/

Link to the Royal Society report: https://interregtiger.com/download/research-paper-a-review-of-the-uk-and-british-channel-islands-practical-tidal-stream-energy-resource/