StockMarketWire.com - Sustainable energy project developer Simec Atlantis Energy said its first-half losses deepened, as it invested in potential growth initiatives and brought a tidal project into commercial production.

Pre-tax losses for the six months through June amounted to £9.1m, compared to losses of £3.2m on-year.

The company booked some maiden revenue -- of £1.3m -- after the MeyGen tidal operations went commercial.

'The overall loss for the six-month period reflects the significant investment that we have made to reposition Atlantis for growth, as well as the transition of MeyGen Phase 1A into its 25-year commercial operating phase,' the company said.

Group total equity at 30 June was £134.4m, an increase of over £74m as a result of an acquisition and a £20m fundraising in May.

'Our flagship 220MW conversion project at Uskmouth, Wales is helping the UK tackle the big issues of non-recyclable plastic waste management and baseload energy generation and will form the blueprint for further conversion of similar plants worldwide, 'chief executive Tim Cornelius said.

'The conversion process is progressing well and we are on track to have first power generation from the converted plant in 2020 which will immediately deliver meaningful operational cashflows.'

'The MeyGen project has now exported more than 8GWh of predictable, clean energy to the grid and the recent unveiling of our new 2MW tidal power turbine, the largest single rotor system in the world, will open up new project development opportunities in the UK, France, Channel Islands, South Korea, Japan and China.'

At 9:43am: [LON:SAE] Simec Atlantis Energy Limited Ord Npv Di share price was 0p at 22.25p



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