SIMEC Atlantis Energy Ltd - Edinburgh-based energy company - Secures the necessary grid variations for its 230 megawatt battery energy storage system project at the Uskmouth site in Wales. Now believes the project is on track to be operational by 2024.

Firm also completes the novation of the grid connection agreement with Energy Optimisation Solutions Ltd and Quinbrook Infrastructure Partners Ltd via their portfolio company Uskmouth Energy Storage Ltd. As a result of the novation, receives an initial £6 million payment in the form of a loan. A further £4 million development premium will be received on financial close of the project, scheduled for the first quarter of 2023.

‘Today’s announcement is a key next step in delivering value from the Uskmouth site. We have made excellent progress in securing the necessary planning approvals and the project is on track to begin construction, as planned, next year,’ the company says.

Planning permission is expected to be awarded in the final quarter of 2022.

Current stock price: 1.95 pence, up 26% in London on Tuesday

12-month change: down 62%

Copyright 2022 Alliance News Limited. All Rights Reserved.