SIMEC Atlantis Energy (LON:SAE)

SIMEC Atlantis Energy (LON:SAE)


Share Price
14.00 p
Change
-0.5 (-3.45 %)
Market Cap
£60.07 m
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SIMEC Atlantis Energy

SIMEC Atlantis Energy is a global sustainable energy generation company.  We are involved in the design, development, construction, conversion, installation, completion, testing, commissioning, operation, and maintenance of power projects around the world. We deliver world-class renewable project development strategies using our internationally renowned transaction team. Our intention is to...

EPIC: SAE
Market: AIM:SAE
52-week High/Low: 30.000p / 11.330p
Sector: Cleantech and Renewable Energy
Market Cap: £60.07 m
Website: simecatlantis.com
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Big Picture – A Deep Dive Examination of SIMEC Atlantis Energy


SIMEC Atlantis Energy Snapshot

HE SIMEC ATLANTIS ENERGY MISSION IS TO BECOME ONE OF THE WORLD’S LARGEST INDEPENDENT GENERATORS OF SUSTAINABLE ENERGY. WE WANT TO BE A CATALYST FOR A NEW ERA OF TURBINE MANUFACTURING IN THE UNITED KINGDOM AND PLAY A KEY ROLE IN THE TRANSITION OF THE ENERGY MARKET FROM HYDROCARBONS TO RENEWABLES.

To make a meaningful contribution, we must deliver cost effective, reliable, utility scale tidal energy generation to customers and governments in a timeframe that is politically meaningful. In order to achieve these goals everything we do is governed by a set of core principles that we live by as an organisation:

Safety. Environment. Tenacity. Innovation. Respect.

SAFETY

Our people are our most valuable asset and their health and safety comes first, always. Our highest priority is making sure that all work sites are safe and we guide our people to ‘do it safe or don’t to it at all’.

ENVIRONMENT

The ocean is a virtually limitless source of renewable energy generation and we have a great responsibility to make sure that in harnessing that energy we cause no harm to the surrounding environment. We take this responsibility very seriously. We work with a number of leading environmental agencies to monitor key areas such as water quality, the behaviour of diving birds, the noises our turbines make underwater and the impact on marine life.

TENACITY

We don’t give up. Ever. Like all companies, we have had setbacks, but this only strengthens our resolve. We are pioneers in our industry and when faced with a challenge we will always seek to learn from mistakes, find a solution and make the most of the opportunity.

INNOVATION

“We cannot solve a problem by using the same kind of thinking we used when we created it”

ALBERT EINSTEIN

At Atlantis, we have had to pioneer out of necessity. We have created new markets, new projects, new customers and helped forge a new industry, globally. We have created world leading intellectual property and created new rules to govern a new asset class.

RESPECT

At Atlantis, we understand the value of what respect is – for co-workers, stakeholders, project partners, the supply chain, our regulators, the environment and investors. It is those relationships, built out of respect, that enable us to be leaders in our field.

Tidal Stream

Atlantis originates and develops greenfield marine power projects all around the world.

Not only can we take the role as lead developer but we also work with consortiums to secure development rights for marine power projects. Recently, Atlantis has led the consolidation of the tidal power sector in Scotland. We are the majority owner of Tidal Power Scotland Limited (“TPSL”), the HoldCo that owns all phases of the MeyGen project as well as other leading projects such as the Sound of Islay, Ness of Ducansby, Brough Ness and the Mull of Galloway. We have recently welcomed ScottishPower Renewables and DEME Concessions as co-investors in TPSL. We have also been awarded agreements for lease from The Crown Estate for exciting project sites in Northern Ireland and England.

Atlantis is the majority owner of the largest consented tidal stream project in Europe, MeyGen. Atlantis is also developing a berth at the Fundy Ocean Research Centre for Energy in Nova Scotia, Canada with project partner, DP Energy. In India, Atlantis has identified more areas of tidal resource and has been working with Gujarat Power Corporation Ltd to complete the concept design and consenting for a 200 MW project in the Gulf of Kutch.

We are actively exploring project opportunities in China and Indonesia and we are constantly searching the globe for new development opportunities to add to our portfolio of greenfield and brownfield projects.

Tidal Range

Atlantis, a global leader in the tidal power sector,  is in negotiation with the Duchy of Lancaster as its preferred developer for the proposed Wyre Valley tidal barrage and flood protection project.

The Project would be chiefly situated on the Duchy estate between Fleetwood and Knott End on the Lancashire coast. Atlantis and the Duchy will now enter into a period of negotiation to reach agreement regarding an option for a long-term lease for the proposed site to permit the development of a tidal power scheme with a proposed installed capacity of 160 MW. It is currently predicted that the Project will be capable of producing almost 300 GWh of sustainable energy each year, coupled with flood protection capabilities. It is expected that the process of obtaining all necessary consents to begin development will take approximately three years, but this option agreement would give the necessary rights and access for the majority of the required land.

Atlantis will now work with its development partners, supply chain and investors  to progress the Project.

Tim Cornelius, CEO of Atlantis, said:

“The Wyre Valley tidal barrage and flood protection project represents a hugely exciting opportunity to showcase the UK’s world leading commercial tidal energy potential. We believe that the Project will help to stimulate the local economy in Fleetwood, bring wider benefits to the region, and represent a cost-effective option for clean, large scale domestic power production.

“This will be a major project for our Atlantis Energy division as we continue our diversification strategy and we look forward to working with the Duchy of Lancaster  our partners, investors and supply chain  to bring the project to fruition.”

Waste to Energy

SIMEC Uskmouth Power Station is a 363-megawatt Coal Fired Power generation plant in South Wales, UK. It is intended that 220 MW of capacity at the Plant will be converted to use an end-of-waste energy pellet as fuel.

The converted Plant, which is intended to enter commercial operations in 2020, will sell all its power under two 20 year power purchase agreements (“PPAs”) to GFG Alliance companies, and will receive fuel under a proposed 20 year fuel supply agreement (“FSA”) with a joint venture company to be partly owned by a Liberty House Group company and partly owned by Dutch recycling group N+P Group BV (“N+P”). Atlantis Resources Limited acquired the Power Station in 2018. In return, SIMEC Energy aquired a 49.99% share of Atlantis, which was renamed SIMEC Atlantis Energy Ltd becoming part of the GFG Alliance.
 

JOHN NEILL
CHAIRMAN

John joined Unipart Group of Companies from General Motors in 1974 and set out to establish a more independent and broadly based role for what was then British Leyland’s Parts Division.  In 1987 he led the management buyout of the company and began the process of changing not only the culture of the company but also the whole philosophy by which the business was run. He was formerly a Director of the Court of the Bank of England and a Non-Executive Director of the Royal Mail, Charter International plc and Rolls-Royce plc.

John was appointed Prince’s Ambassador for the South East for 2009 by HRH The Prince of Wales.

TIMOTHY CORNELIUS
CHIEF EXECUTIVE OFFICER

Timothy acquired a combination of academic, practical and commercial experience before taking the role of Chief Executive Officer of Atlantis in 2006.  He accumulated a wealth of engineering and concept development experience through previous roles in underwater research and subsea engineering in the oil and gas sector with Submarine Escape and Rescue Service (Australia), Subsea Offshore, Halliburton Subsea and Subsea7, as well as business development and corporate accountability experience through director and executive roles.

Tim has a BSc in Marine Biology from Flinders University, an MBA from Bond University and remains a fully certified submersible engineer, ROV pilot and commercial diver.

ANDREW DAGLEY
CHIEF FINANCIAL OFFICER

Andrew Dagley joined the Company in early 2014 from IFM Investors, a global fund manager with around A$100 billion under management, having previously worked with a range of superannuation infrastructure investors, renewable energy project developers and Flinders Corporate Finance, a boutique investment bank. Andrew has been the Chief Financial Officer of Atlantis since 3 August 2017 and has over 12 years of experience in infrastructure investment with an emphasis on renewable energy, having worked on a range of wind, solar, hydroelectric and biomass projects in Australia, Brazil, Chile, China, India and the UK. He has a Bachelor of Commerce (Hons) Finance from the University of Melbourne.

JAY HAMBRO
NON-EXECUTIVE DIRECTOR

Jay Hambro is currently Chief Investment Officer of the GFG Alliance and Chief Executive Officer of Mining and Energy at SIMEC. Jay leads the GFG Alliance’s global investment and development programme and sits on the Strategy Board. Jay’s day-to-day role at SIMEC is focused on its worldwide development in clean power generation and a global portfolio of mining operations. After graduating in business management, Jay began his career in resource finance with NM Rothschild & Sons, before moving to the investment bank of HSBC, advising multinational mining groups. He then joined what is now the Petropavlovsk plc group in a business development role and later as Chief Investment Officer before spearheading the development of their industrial commodity divisions as Aricom plc and more recently at IRC Limited. He led IRC as Executive Chairman to the successful development, construction and operation of a number of greenfield mining operations in the Russian Far East delivering industrial commodity products across the border to China. In 2016 he relinquished his executive responsibilities to assume the position at the GFG Alliance. Jay has held a number of other Board positions and remains a Non-Executive Director of Cellmark AB, the Swedish headquartered pulp, paper, packaging and recycling business. He is a Fellow of the Institute of Material, Mining and Metallurgy and a Liveryman of the Worshipful Company of Goldsmiths.

MARK ELBORNE
NON-EXECUTIVE DIRECTOR

Mark Elborne was President and Chief Executive Officer at GE UK and Ireland, General Electric Company, from 2009 until his recent retirement in 2018. GE is one of the largest industrial manufacturers globally and in the UK has over 18,000 employees in over 50 industrial sites. Mark’s key focus was leading GE’s UK and Ireland based businesses in the energy, aviation, oil and gas and healthcare sectors, working closely with customers and governments. Mark joined GE in 2004 as Executive Vice President and General Counsel of GE Insurance Solutions. From 2006 to 2009 he was General Counsel and Head of Regulatory in EMEA. Prior to GE, Mark was a partner at CMS Cameron McKenna (now CMS Cameron McKenna Nabarro Olswang LLP) from 1988 to 2004. He qualified as a solicitor in 1983 after gaining a degree in History and Politics from Exeter University, and was admitted to the Missouri Bar in 2004.

IAN WAKELIN
NON-EXECUTIVE DIRECTOR

Ian was previously Chief Executive Officer of Biffa plc, one of the UK’s largest waste management businesses and led the IPO of the business in 2016. He was previously co-founder and Chief Executive Officer of Greenstar UK, a waste management and recycling business which was acquired by Biffa plc in 2010 and brings a significant waste management expertise to the Company’s board of directors. Ian trained as a Chartered Accountant at Arthur Andersen after graduating with a degree in Accounting and Finance

JOHN WOODLEY
NON-EXECUTIVE DIRECTOR

John Woodley joined the Board on 22 September 2008. He was then co-head of the power and gas-related commodity business for Europe and Asia at Morgan Stanley. He founded the very successful US electricity trading operations for Morgan Stanley in New York in 1994, after having worked as a power plant operator and then industrial marketing engineer in the utility sector. After ten years with Morgan Stanley in New York, John moved to London to help build the electricity and electricity-related energy business outside the US. John is now based in Switzerland and acts as a senior adviser to Morgan Stanley. John has a BSc Eng (Elec) from Wits University, Johannesburg, an MBA from Valdosta State University and an MS in Finance from Georgia State University.

 

SIGNIFICANT SHAREHOLDERS

As at 31 December 2018, Atlantis is aware of the following shareholders holding 3% or more of the issued share capital in the company:

Shareholder Shareholding (%)
SIMEC Energy 49.99
Morgan Stanley 9.01
Investec Group 3.76
Cannacord Genuity Group 3.75

 

OUR OFFICES

EDINBURGH
4th floor, Edinburgh Quay 2,
139 Fountainbridge,
Edinburgh, EH3 9QG
+44 131 659 9690

BRISTOL
Suites B & C, 17th Floor
Castlemead
Lower Castle Street
Bristol, BS1 3AG
+44 117 403 0610

SINGAPORE
80 Raffles Place
Level 36
UOB Plaza 1
Singapore 048624
+65 6248 4688

USKMOUTH
Uskmouth Power Station
West Nash Road
Nash
Newport
NP18 2BZ
+44 1633 292700

LONDON
25 Maddox St
Mayfair
London
W1S 2QN
+44 131 659 9690

NOMINATED ADVISER AND JOINT BROKER
Cantor Fitzgerald Europe
One Churchill Place
Canary Wharf , London
E14 5RB

ADVISER AND JOINT BROKER
J.P. Morgan Cazenove
25 Bank St
Canary Wharf
London E14 5JP

NOMINATED ADVISER
Macquarie Capital (Europe) Limited
Ropemaker Place
28 Ropemaker Street
London
EC2Y 9HD

LEGAL ADVISERS
Ashurst LLP
Broadwalk House
5 Appold Street
London, EC2A 2HA

DEPOSITORY
Link Market Services Trustees Ltd
The Registry
34 Beckenham Road
Beckenham, BR3 4TU

REGISTRAR
Boardroom Corporate & Advisory Services Pte Ltd
50 Raffles Place
#32-01 Singapore Land Tower
Singapore 048623

AUDITORS
KPMG LLP
16 Raffles Quay
#22-00
Hong Leong Building
Singapore 048581

PUBLIC RELATIONS & MEDIA ADVISER
FTI Consulting
200 Aldersgate
Aldersgate Street, EC1V 4HD
London, England

OUR OFFICES

EDINBURGH
4th floor, Edinburgh Quay 2,
139 Fountainbridge,
Edinburgh, EH3 9QG
+44 131 659 9690

BRISTOL
Suites B & C, 17th Floor
Castlemead
Lower Castle Street
Bristol, BS1 3AG
+44 117 403 0610

SINGAPORE
80 Raffles Place
Level 36
UOB Plaza 1
Singapore 048624
+65 6248 4688

USKMOUTH
Uskmouth Power Station
West Nash Road
Nash
Newport
NP18 2BZ
+44 1633 292700

LONDON
25 Maddox St
Mayfair
London
W1S 2QN
+44 131 659 9690
 

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