SIMEC Atlantis Energy Regulatory News (SAE)

3 June 2021

SIMEC ATLANTIS ENERGY LIMITED("SAE", the "Company" and, together with its subsidiaries, the "Group")

SAE Partners with Remediiate

SAE, the global sustainable energy generation company and technology developer, is pleased to announce that it has entered into a Partnership Agreement with Remediiate (UK) Ltd ("Remediiate"), an integrated sustainable developer of patented technologies that utilise waste gases to deliver high value algae products. This technology has the potential to not only decarbonise the emissions from the Uskmouth conversion project, an important milestone towards making the project carbon negative, but also creates a high value economic product.

Our partner Remediiate will deploy an innovative product that tackles two of the biggest problems the world is facing, namely the journey to 'net zero' carbon and feeding a growing, global population. Using patented technology and highly specialized processes, their algae plants convert CO2, alongside other damaging greenhouse gasses, and use them to produce algae. The algae produced can then be used as feedstock for food and feed production.

This process is modular, allowing for a rapid and scalable rollout of the technology. This technology will be applied to SAE's Uskmouth project and will further enhance the waste and greenhouse gas emission reductions. This project is a transformational technology partnership and will strengthen Newport and Wales's position as a global leader in innovation and the journey to net zero.

The initial focus of the partnership is working on the development of a facility to be co-located with SAE's Uskmouth power station. This pilot plant will be scaled up over time with the intention of making the power station carbon neutral by 2025 and carbon negative by 2030. This technology not only complements the ongoing work that we are doing as part of the South Wales Industrial Cluster ("SWIC") carbon capture usage and storage project we announced on 17 March 2021, but also accelerates efforts to bring the UK to 'net zero' across two important sectors.

While the initial focus of this partnership is to deliver algae plants for the decarbonisation of Uskmouth, including securing all of the necessary planning, permitting and front-end engineering to accommodate Remediiate's facility, the parties intend to work collaboratively across other geographical markets to help fast track emissions reductions using these complimentary technologies and processes. The technology and processes being developed at Uskmouth will offer immediate benefits for owners and operators of existing coal-fired generation to rapidly reduce their reliance on coal and reduce their emissions in an economically attractive way, as well as making material reductions in the amount of material that is sent to landfill.

SAE and Remediiate recognise that this project would provide Newport's expanding technology companies with access to vital base load electricity while also providing a solution to help remove emissions from the crucial agriculture sector. This means that the Uskmouth project would deliver for every aspect of the net zero journey.

Graham Reid, CEO of SAE commented:

"I am incredibly excited about this partnership with Remediiate and its ability to make our flagship Uskmouth project carbon negative by 2030. The importance of helping other sectors, such as agriculture, decarbonise cannot be overstated, and this bold and innovative partnership epitomises everything that SAE stands for.

I am also exceptionally pleased that this helps support the growing innovation hub that we are building in Wales.

Taking transformative steps across electricity generation beyond carbon neutral will be a key requirement in achieving 'net zero by 2050' and we believe that the Uskmouth project is now clearly a critical centre piece to these plans, and a model that can be replicated globally.

We at SAE are proud to be working with a high-quality and passionate partner in Remediiate and look forward to continuing to update all our stakeholders along this journey."

Carlos de Pommes, CEO of Remediiate commented:

"We are delighted to be collaborating with SAE whose long track record of innovation and delivery in cutting edge renewable technologies meant they are the perfect fit for us to work alongside the technology we are deploying.

The promise of this combined project is truly exciting, and we believe will be a global game changer and critical component in our shared net zero ambitions and a sustainable future. We were extremely impressed with the Uskmouth conversion project, its contribution to the much needed transition away from coal, and the significant benefits it brings to the local area.

We now look forward to working more closely alongside the SAE team to deliver what we believe is one of the most exciting decarbonisation projects globally."

Jessica Morden MP for Newport East, commented:

"I would like to congratulate SAE and Remediiate in forming this partnership, which presents an exciting opportunity for Newport and demonstrates what can be achieved through innovation and collaboration. This announcement demonstrates Newport's strength as a place to invest and create jobs in these exciting green technologies. I look forward to seeing how this new partnership develops locally."

For more information please contact:

Notes to Editors

About SIMEC Atlantis Energy

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent. stake in the world's largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.

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

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

More on the Uskmouth Project: https://simecatlantis.com/project-development-operation/simec-uskmouth-power/

About Remediiate

Founded in 2017, Remediiate's mission is: Clean the Planet | Feed the World. Remediiate is a UK based, European-focussed CO2 abatement firm leveraging the power of nature's rock stars - algae - to simultaneously solve two of the world's greatest challenges: Net Zero and the supply of alternative protein for the feed industry. Remediiate deploys world class technology, partnering with Sustainability experts Anthesis, Pond Technologies (Canada) and Nutralight (Pencoed).

More on Remediiate: www.remediiate.com 

More on our Mission: YouTube: Clean the Planet | Feed the World (https://youtu.be/0lJODToS4bs)

Contact: Shelia White, Head of Strategic Partnerships +44 7906 232529 swhite@remediiate.com