Simec Atlantis Energy has recorded losses and a reduced consolidated cash position in its 2019 preliminary results.
Overall losses for 2019 were £35.4m against £24.1m in 2018, mainly attributed to a £16.1m non-cash disposal of seabed options for five development sites.
Simec Atlantis Energy recorded a consolidated cash position of £4.5m in 2019, compared with £9.3m in 2018.
The amount includes £1.8m held in marine energy company MeyGen, compared with £2.4m in 2018.
Highlights in 2019 include the company’s flagship MeyGen Phase 1A tidal energy array delivering the longest ever period of uninterrupted generation from a multi-megawatt tidal turbine installation.
The array, which is located off Scotland, has now exported over 30 GWh of electricity to the grid.
In October 2019, Simec Atlantis signed a contract to supply tidal generation equipment and offshore construction services to Japan’s Kyuden Mirai Energy for a demonstration project in Japan, in the straits of Naru Island within the southern Japanese Goto island chain.
In March 2019, the group established joint venture Normandie Hydroliennes with the Development Agency for Normandy, the regional agency for economic development in Normandy, the regional investment fund Normandie Participations and local industrial group EFINORS in France for the purpose of developing a phased large-scale tidal power project in the Raz Blanchard, Normandy, France.
Simec Atlantis has also issued a proposed share placing to raise £6m.
The net proceeds will be used to fund the group’s working capital and for investment in new fuel processing facilities via a new joint venture with N+P to provide Simec Atlantis with security of fuel supply for Uskmouth power station in England, which it plans to convert to biofuel from coal.