Simec Atlantis Regulatory News (SAE)

RNS

23 September 2022

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

Tidal energy momentum builds with the latest re-deployment at MeyGen site

SAE is pleased to announce the latest turbine re-deployment at its MeyGen site. The successful re-deployment of the 1.5MW turbine is another critical step in returning the Phase 1 array to full power and demonstrating tidal technology at commercial scale.

With the latest turbine now back in the water, and the AR1500 re-deployed in March continuing to exceed expectations, SAE is confident that the MeyGen site will continue to break records for tidal generation. The site has already produced c.75% of the global tidal stream generation to date.

With 3 turbines now fully operational, SAE remains on schedule to re-deploy the final turbine in March 2023. The turbine is being retrofitted with a wet-mate connection system, which more than halves the cost of future operation and maintenance deployments.

SAE is focusing its efforts on the delivery of the next phase of the MeyGen project, 28MW of tidal power. This project is a world leader and will unlock the technology for large-scale, commercial deployment around the world. The site can deliver a 400MW green and predictable power station.

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Notes to Editors

SIMEC Atlantis Energy

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

https://www.simecatlantis.com/