SIMEC Atlantis to sell majority stake in tidal engineering arm to management

Sustainable energy projects developer SIMEC Atlantis Energy Ltd (LON:SAE) has entered into an agreement to sell a majority stake in its Advanced Tidal Engineering and Services (ATES) division to the business’ own management team.

Atlantis is keeping a minority stake in the business, which will be known as Proteus Marine Renewables following the transaction. While it will retain an immediate focus on tidal energy, Proteus will now be able to grow its product and services offering across a broader scope of marine renewables, the announcement says.

The two companies will continue to collaborate after the sale, with Atlantis ensuring Proteus’ continued provision of support to the MeyGen tidal power array in Scotland.

“A key part of the sale is the agreements in place that ensure that it is business as usual for our existing tidal power projects but allows our focus to be on the delivery of the MeyGen site, the home of tidal energy,” commented Graham Reid, CEO of SAE.

In turn, Drew Blaxland, CEO of Proteus, stated that the new firm will seek to complete the next round of technology advancement in Japan and France, where it is now the majority shareholder in Normandie Hydroliennes. This particular project envisages the deployment of a 12-MW pilot array in 2025.

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