SIMEC Atlantis Energy Limited Government gives the green light for blue energy
26 November 2021 - 6:00PM
RNS Non-Regulatory
TIDMSAE
SIMEC Atlantis Energy Limited
26 November 2021
Press Release: 26 November 2021
Government gives the green light for a blue energy
revolution
Nova Innovation and Atlantis Energy welcome the UK Government's
announcement of funding for tidal stream energy and look forward to
delivering more turbines in the water at the world-leading MeyGen
site
Nova Innovation (Nova) and Atlantis Energy (Atlantis) have
welcomed the Government's decision to establish a GBP20 million a
year ring-fenced budget for tidal stream technology, available for
15 years under the Contracts for Difference (CfD) scheme, which
could be awarded as early as April 2022.
This GBP300 million investment signals the UK Government's
confidence in the role tidal energy can play in delivering net zero
carbon targets. It creates a clear route to market for UK tidal
energy companies like Atlantis and Nova that will create thousands
of jobs across our coastal communities.
Simon Forrest, CEO of Nova Innovation, said:
"We are delighted that tidal stream energy has been recognised
by the UK Government as a core part of the UK's green industrial
revolution. The ring-fenced investment will deliver a route to
market for tidal energy companies such as Nova Innovation and
Atlantis Energy - turbocharging the delivery of tidal energy across
the world."
Graham Reid, CEO of Atlantis Energy added:
"We would like to thank all who have championed our industry and
believed in the global role tidal stream energy can play in the
fight against climate change. We look forward to continuing to work
in collaboration to deliver our ambition of more turbines in the
water."
Nova and Atlantis teamed up earlier this year to develop the
MeyGen tidal site in the north of Scotland. MeyGen is the largest
consented tidal stream site in the world with a potential capacity
of 400MW. It has all the necessary consents to deploy 80MW of tidal
power immediately and is already home to the world's biggest tidal
array and the world's most powerful tidal stream turbines.
Following the announcement, Atlantis and Nova look forward to the
deployment of many more turbines on the site, creating jobs,
investment and reliable green energy to the Scottish grid.
Nova and Atlantis will now work with stakeholders to maximise
this opportunity for Scotland and the UK, while demonstrating tidal
stream energy's exciting global potential.
Tidal stream energy can deliver 100% clean, 100% predictable
energy, without visual impact - complementing intermittent
renewables like wind and solar power. A recent report by the Royal
Society highlighted the UK is capable of delivering over 11GW of
tidal stream energy by 2050, 50% greater than current UK nuclear
capacity. Nova and Atlantis are driving forward to ensure the
industry delivers on that target.
For more information please contact:
+44 (0) 7739 832
Atlantis Energy 446
Sean Parsons, Director of
External Affairs
-------------------
+44 (0)7872 051
Nova Innovation 056
-------------------
Irene MacKinnon, Communications
Officer
-------------------
Notes to Editors
Nova Innovation
Nova Innovation (Nova) is a world-leading tidal energy company
with a disruptive, proven technology with global potential. The
company designs, builds, installs and operates tidal energy
turbines. Nova has offices in Scotland, Ireland, Wales, Belgium and
Canada and is expanding into new international markets.
More on Nova Innovation: www.novainnovation.com
Pictures of Nova Innovation turbines for download:
https://www.novainnovation.com/media-gallery/
Atlantis Energy
Atlantis Energy is a global developer, owner and operator of
sustainable energy projects with a diverse portfolio in various
stages of development.
More on Atlantis: https://www.simecatlantis.com/
More on the MeyGen Project:
https://simecatlantis.com/projects/meygen/
Link to the Royal Society report:
https://interregtiger.com/download/research-paper-a-review-of-the-uk-and-british-channel-islands-practical-tidal-stream-energy-resource/
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