SIMEC Atlantis Energy Limited (LON:SAE) shares were higher on Monday as the company said its joint venture project with Asturfeito SAU has been given the green light to advance its project for a Variable Pitch System for Tidal Turbine Generators (VPSTTG) to the manufacturing stage.
The sustainable energy firm said the progress to manufacturing, which has been assisted by a €1mln grant from the Executive Agency for Small and Medium-sized Enterprises (EASME), takes the project “one step closer to completing its objective of reducing the levelized cost of energy generated by tidal technology through the production of an affordable Variable Pitch System (VPS)”.
READ: SIMEC Atlantis Limited appoints former CFO Duncan Black as a non-executive director; names Special Adviser to the group’s board
SIMEC said after the completion of the manufacturing stage the VPS will be tested on-shore before being used on future turbines supporting the tidal industry, further developing the industry’s European supply chain and providing more efficient and affordable access to renewable energy.
“This is an exciting time for the company as we work together with Asturfeito to make the cost of tidal energy more affordable and accessible for all. We would like to thank the Executive Agency for their continued support and the amazing project team who have taken us to this stage”, said Drew Blaxland, the director of the Atlantis Turbine and Engineering Services Division in a statement.
Shares in SIMEC bobbed 10.7% higher to 23.5p in early deals on Monday.