Simec Atlantis Energy losses narrow as revenue more than doubles StockMarketWire.com - Alternative energy group Simec Atlantis Energy booked a full-year loss as it continued to develop tidal power and waste-to-fuel projects.
Pre-tax losses for the year through December amounted to £19.4 million, compared to year-on-year losses of £36.2 million.
Revenue rose to £12.2 million, up from £4.9 million.
The company's the MeyGen tidal project generated revenues of £3.2 million from the sales of power and renewables obligations certificates.
'MeyGen's generation experienced some interruptions during 2020 but the efficiency of turbine recovery and re-deployment in such a hostile environment gave further confidence in being able to reduce the long-term cost of generating energy from tidal sources,' chairman John Neill said.
'The Uskmouth power station conversion project, commenced in 2018, has continued to complete significant milestones in its development,' he added.
'In July 2020 we announced that we would deliver the development in two phases with the total net output remaining at 220 megawatts.'
'Detailed EPC contractual discussions are in the final stages and discussions on the provision of energy via a private wire network has been developed in parallel.'