Simec Atlantis Energy Limited

SAE

Equity

ISIN SG9999011118 / Valor 23724535

LSE London Stock Exchange, SETS (2026-04-02)

GBP 0.028%

Simec Atlantis Energy Limited
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About company

Simec Atlantis Energy Limited (SAE), originally known as Atlantis Resources, is a renewable energy company incorporated in Singapore with its operational headquarters in Edinburgh, Scotland. The company initially focused on developing tidal power turbines and projects but has since diversified into waste-to-energy and hydropower sectors following its integration into the GFG Alliance. SAE has made several strategic acquisitions, including Marine Current Turbines from Siemens and various project sites from ScottishPower Renewables, such as the 100 MW Ness of Duncansby site and a 10 MW project in the Sound of Islay. The company is notably involved in the development of the MeyGen tidal turbine array in Pentland Firth, Scotland, which is Europe's largest tidal power project. SAE's commercial and project development teams are based in Edinburgh, and it has additional operational bases in Nigg Energy Park and Bristol. The company was the first tidal energy firm to be listed on the London Stock Exchange's AIM sub-market and continues to advance its renewable energy projects globally.

Summarized from source with an LLMView SourceSector: Energy

Headline financials

Loss before tax: £4.6m (H1 2024: £6.0m loss). Revenue: £3.5m (H1 2024: £12.0m), with the prior period including a £9.9m land sale that did not recur. Basic/diluted loss per share: £0.01.

Segment performance

Tidal Stream: EBITDA improved to £2.3m (H1 2024: £0.4m) driven by higher generation and lower maintenance after redeployment of the fourth turbine. Battery Storage: EBITDA loss of £0.8m (H1 2024: EBITDA profit £9.2m) — prior-year profit benefited from the land sale. Project development: £2.5m of AW1 development costs capitalised in H1 2025.

MeyGen operational progress

MeyGen Phase 1 generation rose to 7.9 GWh in H1 2025 (H1 2024: 5.1 GWh). MeyGen electricity revenue increased to £3.2m (H1 2024: £1.9m). One turbine remained offline during the period due to an export cable fault expected to be fixed in Q4 2025.

AW1 financial close (post-period)

On 5 August 2025 the Group announced financial close for AW1, a 240 MWh BESS at Uskmouth with a total cost of £67.4m. Financing includes a £45.3m project facility from Nord/LB; the Company retains a 75.3% controlling stake. AW1 is forecast to begin operations in Q4 2026 and is expected to deliver average Group revenue of ~£13m p.a. and average EBITDA of ~£9m p.a. in its first five full years.

Cash, balance sheet and financing

Cash and cash equivalents at 30 June 2025: £5.3m (30 June 2024: £7.7m). Net cash used in operating activities in H1 2025: £2.5m. Total borrowings remain material (non-current loans ~£49.5m) and financing costs increased to £3.0m in H1 2025 (H1 2024: £2.7m). Total equity at 30 June 2025 was £12.6m.

Going concern and key risks

The Board assessed going-concern to 31 Dec 2026 assuming receipt of a CCR loan tranche (£3.5m) and other committed revenues. Key risks identified: potential delay in an Additional Capacity Payment (£5.2m), delay to CCR loan drawdown (tied to AW2 planning), and potential grant clawback (~£3.8m). Management cites mitigations including partial sale options for AW1 and potential additional corporate debt.

Pipeline and strategic direction

Group focus is shifting towards battery storage at Uskmouth (AW2 500 MWh planning decision expected Q4 2025; AW3 700 MWh target connection 2037) and the Mey BESS (1.2 GWh) with planning consent expected Q4 2025. The Company has begun exploring battery opportunities in other markets to mitigate UK grid-connection reform uncertainty.

Corporate changes (post-period)

The Company announced a change of name to Ampeak Energy Limited and ticker to AMP (approved 31 July, announced 20 August 2025). The AW1 financial close and name change signal a strategic shift toward battery projects.

Summarized from source with an LLMView Source

Key figures

19.1%1Y

133%3Y

-65.0%5Y

Performance

110%1Y

119%3Y

128%5Y

Volatility