thumbnail of Atlantis Future Energy 2018

Atlantis Future Energy 2018

Interest rate 10.0% a year
Term 11 years
Total Invested £4.97m
1498  investors
Maturity date 30 Jun 2029
thumbnail of Atlantis Future Energy 2018

What does the company do?

Atlantis Future Energy is part of SIMEC Atlantis Energy, a developer, owner and operator of sustainable energy projects with a portfolio in various stages of development.

The company's heritage is in tidal power generation where it forged a reputation as a world leader in the development and the delivery of commercial-scale tidal power projects. The company's portfolio of projects includes the MeyGen tidal project in the Pentland Firth off the coast of Scotland, with the first phase of the project consisting of four 1.5MW tidal turbines operating since March 2018.

SIMEC Atlantis Energy is also the owner of the land, grid connection, infrastructure and existing disused power station at the Uskmouth site in Newport, South Wales. The company is working to transition the Uskmouth site into a sustainable energy park, which includes plans to deliver Battery Energy Storage Systems.

SIMEC Atlantis Energy is AIM listed and you can find the latest news about the company on its website here.

Why did the company raise money?

SIMEC Atlantis Energy has previously raised money on Abundance across three investments:

Investment Amount raised Maturity date
Atlantis Ocean Energy (2017) £4,950,000 30 June 2029
Atlantis Future Energy (2018) £4,970,000 30 June 2029
Atlantis Future Energy (2019) £3,785,935 30 June 2029

This investment provided Atlantis with capital to continue to develop projects in its pipeline, including projects on its Uskmouth site as well as its tidal projects.

How does the company expect to repay the investment?

SIMEC Atlantis Energy expects to repay the investment using either its revenues (for example, from power generation or selling interests in projects it owns, such as its battery projects) or refinancing the debt by raising money from other sources.

In the event that Atlantis Future Energy, the issuer of the investment, is unable to make the payments of interest or capital repayment due to investors, SIMEC Atlantis Energy (as the parent company of the group) is obligated to make the payments itself.

How is the company making an impact?

The company is delivering new forms of sustainable power generation, while supporting the integration of intermittent renewable energy into the electricity supply through battery storage solutions.

Extensions of the investment

The maturity date for this investment was originally 31 March 2023 but has been extended to 2029. The company has requested a number of extensions of the investment to give it more time to receive the income it needs to repay the investment. The extension proposals were accepted by the required number of investors which means the maturity date is now 30 June 2029. The company is due to begin partially repaying the investment in 2027, with full repayment by 2029. The company has the option to repay earlier if it can.

An example of one of SIMEC Atlantis Energy tidal turbines
An example of one of SIMEC Atlantis Energy’s tidal turbines

Key terms

Issuer Atlantis Future Energy
Return 10.0% a year
Term period 11 years
Start date 1 April 2018
Maturity date 30 June 2029
Capital repayment Lump sum on maturity
Amount raised £4,970,000.00
Return structure

Interest is paid every 6 months. The interest rate is currently 10% and will rise to 11% in 2027, 12% in 2028 and 13% in 2029. Capital is repaid in partial instalments, starting in 2027, with the majority repaid on the maturity date.

Secured or unsecured Unsecured
Early repayment options

The investment can be repaid early at any point subject to providing notice to investors and paying interest due up to the point of repayment.

See the Debenture Deed for details of all circumstances in which the option for early repayment may be exercised.

Documents

Debenture Deed
Download PDF The debenture deed sets out the legal agreement and terms for this investment

Payment schedule

This table gives a breakdown of what is due to be paid back on this investment, based on an example investment of £1,000.

Payment schedule table
Payment date Capital repayment Interest Total
2 July 2018 £0.00 £19.94 £19.94
28 December 2018 £0.00 £40.32 £40.32
1 July 2019 £0.00 £39.67 £39.67
31 December 2019 £0.00 £40.32 £40.32
30 June 2020 £0.00 £39.89 £39.89
31 December 2020 £0.00 £40.32 £40.32
30 June 2021 £0.00 £39.67 £39.67
31 December 2021 £0.00 £40.32 £40.32
31 August 2022 £0.00 £39.97 £39.97
30 December 2022 £0.00 £40.32 £40.32
31 March 2023 £0.00 £19.72 £19.72
30 June 2023 £0.00 £24.93 £24.93
2 January 2024 £0.00 £50.41 £50.41
1 July 2024 £0.00 £49.86 £49.86
31 December 2024 £0.00 £50.41 £50.41
30 June 2025 £0.00 £49.58 £49.58
31 December 2025 £72.43 £50.41 £122.84
30 June 2026 £0.00 £45.99 £45.99
31 December 2026 £144.87 £46.75 £191.62
30 June 2027 £0.00 £42.69 £42.69
31 December 2027 £217.30 £43.40 £260.70
30 June 2028 £0.00 £33.83 £33.83
2 January 2029 £0.00 £34.20 £34.20
2 July 2029 £565.40 £36.44 £601.84
Total £1,000.00 £959.36 £1,959.36

Updates

These updates tell the story of the investment over its life and include information reported to investors by the company or council behind the investment. The updates are provided for informational purposes only and do not constitute an inducement or invitation to invest. Information provided at the time of publishing may no longer be accurate.

Atlantis Future Energy 2018 opened for investment today.

An investment return from Atlantis Future Energy 2018 was paid today.

Thank you to all those who voted on the extension proposal from SIMEC Atlantis Energy (SAE).

In order for the proposal to be agreed, investors holding 75% of each of the three debentures had to vote in favour. This threshold has been met for each of the debentures and the proposal has therefore been accepted.

Atlantis Ocean Energy

  • In favour: 76.9% (909 investors)
  • Against: 1.2% (32 investors)

Atlantis Future Energy 2018

  • In favour: 76.2% (983 investors)
  • Against: 2.1% (41 investors)

Atlantis Future Energy 2019

  • In favour: 75.3% (1,113 investors)
  • Against: 1.6% (28 investors)

The legal process to update the debenture deeds will be completed shortly, at which point the revised terms and payment schedule will be reflected in your Abundance account and trading will reopen on the marketplace.

The interest payments that are due today for all 3 debentures will shortly be paid into your Abundance account as normal.

SIMEC Atlantis Energy (SAE) is asking debenture holders in all three of its debentures to vote on a proposal to extend the investments to give the business more time to deliver its pipeline of projects that it expects will provide the funds needed to repay everyone in full.

The proposal would extend the maturity date to 30 June 2029 for all 3 debentures, but with the company making partial repayments starting in 2025 and the interest rate increasing from 2027 onwards. The company would also have the option to make additional repayments ahead of the maturity date.

The company would continue to make 6-monthly interest payments, including the interest payment due at the end of this December. Please read the proposal for the full details of the proposed changes.

The extension can only be agreed with the approval of investors by voting on a special resolution. In order for the extension to be accepted, investors holding at least 75% of the debentures must vote in favour.

There is a separate vote for each of the debentures and each group of investors will need to vote in favour for the proposal to be accepted.

What do you need to do?

  • Read the proposal from the company which outlines the reasons for the extension request and the full details of the changes to the terms of your investment.
  • Read the Special Resolution which is the legal document you are voting on.
  • Voting has closed.

Please read the full update here

An investment return from Atlantis Future Energy 2018 was paid today.

Please read the full update here

An investment return from Atlantis Future Energy 2018 was paid today.

Thank you to all those who have voted on the extension proposal from Atlantis Future Energy.

As a reminder, the company requested an extension to the Atlantis Future Energy 2018 investment of up to a year, with the option to repay earlier. The interest rate would also increase to 10% from 1 April 2023. The proposal can be found here.

In order for the proposal to be agreed, investors holding 75% of the Debentures had to vote in favour of a Special Resolution — this threshold has been met and the restructuring proposal has therefore been accepted.

  • In favour: 76.4% (1,138 investors)
  • Against: 1.6% (30 investors)

What happens next?

The maturity date for the Atlantis Future Energy 2018 investment is now 31 March 2024, however the company has the option to repay earlier if it can.

The interest payment due later this week on 31 March 2023 will be paid as normal (it's a shorter 3 month interest period from January to March only).

From the 1 April 2023 the interest rate will increase to 10% p.a., with 6-monthly payments due on 30 September 2023 and 31 March 2024.

The marketplace will now reopen for trading of this investment following the upcoming interest payment.

SIMEC Atlantis Energy (SAE) has made available a recording of the webinar held on Wednesday (15 March 2023) for those who were not able to attend on the day.

The company talked through the current strategic plan for the business and the latest developments with its battery and tidal projects, as well as answering a range of great questions from investors.

You can view the recording here. The passcode to view the webinar if needed is: WG!a0cPL

SIMEC Atlantis Energy (SAE) provided investors with an update on the business on 23 February with its plans to repay the investments that are maturing in 2023 - you can view it here.

The company expects to receive some significant income payments for its battery storage project this year, however the timings of those payments do not align with the repayment dates of the investments on Abundance.

Atlantis Future Energy is therefore asking investors to vote on a proposal that would extend the maturity date of the investment from 31 March 2023 to 31 March 2024, but with the option to repay investors ahead of that date. The interest rate would increase to 10% from 1 April 2023, and there would be the usual 6-monthly interest payment due on 30 September 2023 if the investment is not repaid before.

The extension can only be agreed with the approval of investors by voting on a special resolution. In order for the extension to be accepted, investors holding at least 75% of the debentures must vote in favour.

What do you need to do?

Please read the full update here

SIMEC Atlantis Energy Limited (“SAE”) moved into 2022 having made significant structural changes to the business with a clear focus on delivering on our strategy for developing alternative energy solutions. Following the completion of the sale of the Advanced Tidal Energy and Services division in October 2022, SAE completed its restructuring program and is now well positioned to achieve its strategic objective of becoming a sustainable energy and battery storage project developer.

Tidal Projects Update

MeyGen Phase 1

The MeyGen operating array has made significant progress this year with the successful redeployment of the AR1500 turbine in March and one of the Andritz turbines in September following a period of technical challenges for the project. The array has three of the four MeyGen turbines in full operation.

The project remains on schedule to re-deploy the final turbine in H1 2023. This turbine will be retrofitted with a wet mate connection system, which more than halves the costs of future turbine recoveries and deployments.

This will return the Phase 1 array to full power, demonstrating tidal technology at commercial scale in support of the 28MW Phase 2 development.

MeyGen Phase 2

In November 2021, the UK Government announced “ring fenced” funding support for tidal power and a commitment for ongoing support for the development of the tidal power sector. We were very pleased to announce that MeyGen had successfully secured a Contract for Difference (CfD) in the Allocation Round 4 announced by the UK government on 7th July which guarantees MeyGen Phase 2 a power price of £178.54 (£/MWh) for 15 years and will allow SAE to deliver 28MW of clean, predicable power. The award represented the highest capacity allocation to a single site and will create the world’s largest tidal array of 34MW, reaffirming MeyGen as the global home of tidal stream energy. We are working to achieve financial close for this next phase in 2024 with operation expected to start in 2027.

The Group has made two key appointments to drive this project forwards. Firstly, Mark Evans was appointed as Project Development Director in November to take overall responsibility for the delivery of Phase 2. Mark brings over 20 years of renewable energy development and delivery experience, including the development of over 1 GW of wind projects. Mark brings to the team a proven track record of successfully delivering major renewable projects as well as a passion for tidal energy.

Secondly, SAE appointed Lumin Capital, an international corporate finance advisory firm, as financial advisor for MeyGen phase 2 to advise on securing the necessary financing for the project. Lumin Capital brings extensive experience of working with project developers on projects around the world to enhance shareholder value and secure funding. Lumin will be a key part of the team in ensuring the success of MeyGen phase 2.

MeyGen Subsequent Phases

SAE welcomes the recent government announcement that tidal stream will participate in Allocation Round 5, applications for which will open in March 2023. MeyGen expects to participate in Allocation Round 5 and win additional tidal capacity which may be added to the 28MW already secured in Allocation Round 4.

Uksmouth Energy Park

Following our termination of the Uskmouth Power Station conversion project, the Group has decided to redevelop the site into a sustainable energy park. In May we were very pleased to announce the first phase of this redevelopment with an agreement with Energy Optimisation Solutions to establish a 230MW Battery Energy Storage System (BESS) facility at the site. This project is proceeding on schedule with the first key milestone achieved in August 2022 and financial close expected in the first quarter of 2023. Planning permission for the development was granted by Newport County Council on the 7th December 2022. We are exploring opportunities to further develop the sustainable energy park at the Uskmouth site and maximise value to shareholders.

We are also looking at opportunities to leverage the expertise gained in the development of our Uskmouth conversion project at potential sites in eastern Europe. While the war in Ukraine has created immediate energy supply challenges, it has also highlighted the importance of diversifying energy sources and improving energy security across Europe. This will improve the attractiveness of our proposition to repurpose existing power generation facilities to utilise waste derived fuel pellets in place of coal. We look forward to bringing forward these projects for development in due course.

Debt Covenant Reporting

Under the terms of your Debentures, we are required to ensure the value of our group's assets is at least 2.8x the value of the total debt we have outstanding - this is called our debt covenant ratio. We are informing our investors that SAE forecasts that it will not meet the minimum Total Debt to Total Assets ratio of 1:2.8 as at the 31st December 2022. The ratio is forecast to be 1:2.2. However, SAE expects that the breach will be remedied during Q1-23 when the previously announced 230MW Battery Energy Storage System reaches financial close. At that point a £6m loan provided by EOS, the battery project developer, will convert to revenue and a further £4m development premium will be realised which will improve the ratio to approximately 1:3.6.

Further details of the project can be found here: SAE achieves milestone in BESS project delivery - SIMEC ATLANTIS ENERGY

An investment return from Atlantis Future Energy 2018 was paid today.

The interest payment that was originally due on 30 June but was deferred for up to 3 months with the agreement of investors has now been paid in full, plus additional interest at the Bank of England base rate + 3% for the period it has been overdue.

SIMEC Atlantis Energy has received its first payment for the battery storage project it is developing - you can read more about it here

Thank you to all those who have voted on the proposal from Atlantis Future Energy.

As a reminder, the proposal asked investors to agree to a short delay to the interest payment due to you on 30 June 2022 of up to 3 months, but no later than 30 September 2022. The delayed interest amount due to you will earn a late interest charge of base rate + 3% over the period that it remains unpaid (which is in line with the current terms of the debentures). The proposal can be found here.

In order for the proposal to be agreed, investors holding 75% of the Debentures had to vote in favour of a Special Resolution - there was a separate vote for each of the two debentures issued by the company (one in 2018 and one in 2019.). This threshold has been met for both debentures and the proposal has therefore been accepted. In total 1,151 investors holding 75.7% of the Debentures have voted in favour of the Special Resolution, with 14 investors holding 0.6% of the Debentures voting against.

The interest payment due on 30 June will not be paid on this date and will be shown as outstanding within your Abundance account up until the point it is paid by Atlantis Future Energy.

Atlantis Future Energy 2018 has asked investors to vote on a proposal that would allow a short delay to the interest payment due to you on 30 June 2022 of up to 3 months, but no later than 30 September 2022. The delayed interest amount due to you will earn a late interest charge of base rate + 3% over the period that it remains unpaid (which is in line with the current terms of the debentures).

The short deferral of the interest payment can only be agreed with the approval of investors by voting on a special resolution. In order for the deferral to be accepted, investors holding at least 75% of the debentures must vote in favour.

Voting has now closed after the proposal was accepted by investors. The proposal can be found here.

Please read the full update here

Please read the full update here

Please read the full update here

Please read the full update here

Please read the full update here

Please read the full update here

Please read the full update here

Atlantis recently posted a short animation on its tidal generation - available here.

In August, Atlantis announced that it had signed a Heads of Terms in relation to a joint venture, NPA Fuels Limited (NPA), with the N&P Holding 2 Ltd, a wholly owned subsidiary of N+P Group. Atlantis also communicated that its wholly owned subsidiary, SIMEC Atlantis Energy Limited, had entered into an exclusive debt financing agreement with leading South Korean financial institution Hana Financing Investment Co., Ltd (HFI) to work together to fund 100% of Phase 1 of the Uskmouth conversation project through a senior secured loan to SIMEC Uskmouth Power (SUP).

In October, Atlantis reported that Duncan Black had been appointed as a Non-Executive Director and Stephen Hodges had been appointed as Special Adviser to the Atlantis Board of Directors.

In November, with the help of a €1 million grant from the Executive Agency for Small and Medium-sized Enterprises (EASME) Atlantis and Asturfeito’s Variable Pitch System for Tidal Turbine Generators (VPSTTG) project moved to the manufacturing stage.

Turbine

In December, Atlantis announced that it had entered a share placement agreement with New Technology Capital Group LLC, a U.S.-based investor. The agreement will raise up to £12,000,000. In the same month Atlantis entered a joint venture agreement with industry leading alternative fuel production and supply partner, the Netherlands based N+P Group. Atlantis also broadcast that their Scottish manufactured tidal generation equipment arrived in Nagasaki, Japan ahead of its deployment in the Naru Strait. The AR500 tidal generation system will initially be operating at a capped maximum generation output of 500kW, as data collection and device validation are undertaken for the client and Japanese regulatory bodies.

In January 2021 SAE announced the appointment of Graham Reid as CEO, who will take over from Tim Cornelius, effective from January 18th 2021. Tim has agreed to take on the role of Senior Adviser to the group and will continue to support the Board and Company on a range of matters, including ongoing relationship management with key stakeholders, customers and strategic partners. The newly appointed CEO Graham Reid has significant UK and International experience in general construction, engineering and renewable energy development, financing and construction. Graham has held a number of senior leadership roles, including Chief Executive of RES Americas, and Arcadis Middle East. In his recent career Graham has been at the forefront of the successful delivery of over 5GW of large-scale renewable energy projects.

Turbine1

Please read the full update here

Please read the full update here

Please read the full update here

An investment return from Atlantis Future Energy 2018 was paid today.

As the COVID work restrictions continue to ease country wide, we continue to see minimal disruption to our tidal business. The MeyGen project passed a significant production milestone recently of 30GWh having been exported to the grid. We received confirmation that the Prefecture de la Manche has approved the transfer of the lease to develop a 12MW tidal power project in Raz Blanchard from ENGIE to Normandie Hydroliennes, of which we own 51%. We continue to make good progress with our contractual commitments to deliver turbines, a subsea hub and services to our clients in Japan and Scotland this year.

The Green Highland Renewables (“GHR”) Operations & Maintenance business has continued throughout the COVID-19 pandemic period to monitor the hydro schemes from our operations centre in Scotland. Our team of engineers have managed to continue relatively unaffected throughout this period, while maintaining appropriate social distancing measures, and client schemes have remained operational throughout. The three hydro projects which GHR has under construction, and which were suspended in accordance with the initial government guidance, have re-opened and are progressing well in accordance with current government policies. The commissioning timescales for these projects remain in line with expectations.

The Uskmouth Power Station combustion system design contract, which was awarded to Mitsubishi Hitachi Power Systems Europe GmbH in October 2019, is ongoing and remains on-schedule to be completed this summer. Updates were recently provided to the market in relation to the successful completion of fuel burn trials with Mitsubishi Hitachi Power Systems in Japan. The application for the conversion’s permit variation for the new fuel was submitted to Natural Resource Wales in December 2019 and the planning public consultation completes on 29 June 2020. In accordance with revised Welsh legislation, this consultation is being held online. Further updates on revised timelines to financial close will be provided to the market when available.

As noted in previous reports, the team of essential engineering, safety and security staff have been maintained to look after all critical infrastructure at the Uskmouth site in readiness for future operation. This includes the 132kV banking station along with the station’s 393MW of generating station assets. The Company intends to convert the first two units, comprising 220MW, on a phased basis as part of the planned Conversion project, while the option to convert the third unit remains available at a later stage.

For the latest news and developments from Simec Atlantis Energy, visit their website here.

Please read the full update here

Please read the full update here

Please read the full update here

An investment return from Atlantis Future Energy 2018 was paid today.

In July, the Company announced that the Front End Engineering Design ("FEED") tests and studies have been successfully completed by the FEED Partners WSP, RJM and SSF, for the Uskmouth conversion project. A stable flame has been achieved in medium scale testing, proving the stable combustion of 100% waste derived fuel pellets. The results correlate to the computational fluid dynamics model and confirm a stable self-substaining flame with combustion performance within expected parameters.

In July, the Company successfully decommissioned the 1.2MW SeaGen Tidal System located in Strangford Narrows, Northern Ireland. This marks the completion of the SeaGen project lifecycle and is the first commercial scale tidal turbine development to be fully decommissioned.

In September, the Company announced that via its joint venture Normandie Hydroliennes, it signed heads of terms with Alderney Electricity Limited (AEL) to supply the island of Alderney in the Channel Islands with power from a proposed tidal array in the Raz Blanchard. The heads of terms envisage that AEL and Normandie Hydroliennes will seek to enter into a 25 year power purchase agreement under which AEL would purchase a minimum of 5GWh of electricity per year from Normandie Hydrolieenes at a fixed price.

In October, the Company via the joint venture Normandie Hydroliennes announced it will participate in the TIGER (Tidal Stream Industry Energiser Project). The TIGER program is an EUR46.8m project which aims to drive the growth of of the tidal energy industry around the Channel region. The TIGER program will assist in the development of the tidal energy project Atlantis intends to develop and deploy at Raz Blanchard off the coast of Normandy.

In October, Atlantis announced it has secured the equipment and services supply contract with Kyuden Mirai Energy to install and operate a demonstration project in Japan. The project will seek to capitalise on Japans wealth of tidal resources and allow for additional operational experience to be gained.

In October, the Company awarded the contract for the design and development of the combustion system at Uskmouth Power Station to Mitsubishi Hitachi Power Systems (MHPS). The contract covers: Industrial scale milling tests on the fuel pellets; Completion of industrial scale combustion test of the fuel; and completion of Uskmouth furnace burner system design. The results of these three final validation tests are required ahead of negotiation and award of the major Engineering, Procurement and Construction (EPC) contract to supply the full combustion system to the project under the terms and conditions necessary for the project to secure project finance.

For the latest news and developments from Simec Atlantis Energy, visit their website here.

Please read the full update here

Please read the full update here

An investment return from Atlantis Future Energy 2018 was paid today.

In January, Atlantis announced the appointment of Ian Wakelin to the Board of Directors and JP Morgan as the Company's joint broker.

In March, the Company successfully raised over £5m in an equity placement, which will be used to support growth in the business and general corporate purposes.

In May, the Company announced the technology partnership and preferred supplier agreement with GE's power conversion business to support the development and delivery of Atlantis's AR2000 turbine. The AR2000 turbines are intended to be installed during the second phase of the MeyGen project in the stage known as Project Stroma.

In June the Company announced that its flagship tidal project, MeyGen, generated over 17GWh and that its major shareholder SIMEC Energy would be contributing £5m via a Payment Agreement in addition to a £2m interest free loan.

For the latest news and developments from Simec Atlantis Energy, visit their website here.

An investment return from Atlantis Future Energy 2018 was paid today.

In October, Atlantis announced a joint venture with the Development Agency for the region of Normandy in France. This joint venture is intended to harness up to 2GW of tidal stream power from the Alderney Race, the eight-mile strait that runs between Alderney and La Hague, France.

In November, Atlantis announced the acquisition of 100% of Scotland based Green Highlands Renewables, this is expected to complete in early 2019 and be earnings and cashflow accretive. In the same month, Atlantis announced a Heads of Terms with Equitix, in which they would take a 25% stake in the Uskmouth conversion in return for £32.9m in consideration implying a valuation of £131.5m for 100% of the power station.

In October and December, Atlantis completed the reinstallation of all four MeyGen turbines returning the project to full operations, having generated over 10GWh to date setting new records for tidal stream generation. Also in December, the Company announced the award of a €1 million grant from the European Executive Agency for Small and Medium-sized Enterprises to support its turbine development programme and facilitate the levelised Cost of Energy targets Atlantis has set for itself.

For the latest news and developments from Simec Atlantis Energy, visit their website here.

The parent company changed its name to SIMEC Atlantis Energy Limited from Atlantis Resources Limited following shareholder approval of the SUP transaction.

On 15 June 2018 the Company successfully completed the acquisition of SIMEC Uskmouth Power Limited (SUP) from SIMEC UK Energy Holdings Limited, a member of the GFG Alliance. SUP is the owner of a power plant in South Wales which the Group intends to convert to use waste derived energy pellets as fuel. Consideration for the acquisition comprised the issue by Atlantis to SIMEC of new Atlantis Ordinary Shares resulting in SIMEC holding Atlantis Ordinary Shares representing 49.99 per cent. of the Enlarged Share Capital of Atlantis. Following the acquisition, it is proposed that 220MW of capacity at the SUP power station in Wales will be converted to use a waste derived energy pellet as fuel. The transaction is intended to be the first of a number of acquisitions from the GFG Alliance that will transform Atlantis into a diversified energy company of scale owning development and generating assets across the sustainable energy spectrum, supplementing its existing portfolio of tidal assets.

Formal completion of the construction phase on the flagship MeyGen Phase 1A tidal energy project was achieved in April 2018 when the project officially entered the 25 year operations phase. The array has generated more than 7GWh of energy to date and in March 2018 set a new world record for monthly production from a tidal stream array, generating 1,400MWh.

In the period from April to June 2018, Atlantis raised £5.0 million, before expenses, through a second five year bond launched through Abundance investment platform. In May 2018, an equity fundraising by the parent company raised £20.0 million to secure working capital funding for the enlarged Atlantis group, subject to completion of the acquisition of SUP which occurred on 15 June 2018.

The Group continues to pursue tidal stream projects globally and has recently submitted a strategic plan to the French government setting out plans to deliver 1GW of power by 2025 at le Raz Blanchard.

Further detail of activity of the Atlantis group can be found at simecatlantis.com

An investment return from Atlantis Future Energy 2018 was paid today.

This investment closed today.

Atlantis Future Energy 2018 opened for investment today.