Simec Atlantis Regulatory News (SAE)

5 July 2023

SIMEC Atlantis Energy Limited

("SAE Renewables", the "Company" and, together with its subsidiaries, the "Group")

SAE Renewables successfully deploys upgraded turbine

SAE is pleased to announce the successful deployment of 'Turbine 2' at the MeyGen site. The turbine has undergone significant upgrades to improve performance and reliability.

One of the major steps was to convert the turbine to use a wet-mate connection system. This dramatically reduces costs and time for future maintenance work. This innovation has been a key development in ensuring the next phase of turbines deployed at the MeyGen site are the most advanced and deliver the best performance in the industry.

This innovation wouldn't have been possible without the support of the EU-funded, Tidal Stream Industry Energiser Project, known as TIGER.

As a demonstrator project, the lessons learnt, improvements and innovations are key to unlocking commercial and scalable projects. With this in mind, SAE has made the decision to bring forward the reshoring of 'Turbine 4' to allow for preventative maintenance and upgrade work. This will also continue to allow SAE to drive the improvements, learning and data needed to unlock the next phase of turbines at the MeyGen site.

Graham Reid, CEO of SAE Renewables commented:

"The value in MeyGen phase 1 for SAE and the industry is in proving the technology but also in the constant innovation and lessons learnt that allow us to unlock truly scalable and commercial projects. The successful upgrade and deployment is a major milestone, and I wanted to add a personal thank you to all the team who have gone above and beyond to enable this. Their hard work and passion deserve recognition, without them, there is no industry, and they should be incredibly proud of another milestone achieved."

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Notes to Editors

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

https://www.saerenewables.com/