SIMEC Atlantis Energy Limited General Newport Update
03 Septembre 2018 - 8:01AM
RNS Non-Regulatory
TIDMSAE
SIMEC Atlantis Energy Limited
03 September 2018
3 September 2018
SIMEC Atlantis Energy Limited
("SAE" or the "Company")
General Newport Update
SIMEC Atlantis Energy, a diversified sustainable energy
generation company, notes the announcement on 30 August by Liberty
Steel that is has begun a planned GBP15m investment in new and
upgraded equipment at its Newport steel facility.
The move is part of its continued drive to win bigger UK market
share for products such as hot rolled coil, used in industries such
as construction, automotive and pipe manufacture.
Liberty Steel, which owns the Liberty Steel Newport facility
that is located adjacent to Uskmouth Power Station, is a member of
the GFG Alliance, along with SIMEC Atlantis' largest shareholder,
SIMEC Energy. SIMEC Atlantis has signed a 20-year power purchase
agreement to sell electricity from its Uskmouth power station to
SIMEC Energy.
Planning work and front-end engineering is also continuing at
Newport for a much larger investment involving the installation of
an electric arc furnace and casters for liquid steelmaking and slab
production at the site. These processes will be powered by
renewable energy under their GREENSTEEL strategy, with power to be
provided from the 220MW Uskmouth Power Station that SIMEC Atlantis
is currently converting from coal to 100% waste-to-energy
pellets.
News of this upgrade comes on the back of the recent operational
update issued on 13 August 2018 by SAE which reinforced that this
world-leading conversion project in Wales remains on plan and on
budget.
The Company is also in collaboration with its largest strategic
shareholder to establish SAE as the developer, owner and operator
of sustainable energy generation projects, worldwide. Further
updates will be provided as and when appropriate.
Sanjeev Gupta, Executive Chairman of the GFG Alliance commented:
"The Uskmouth Power Station conversion is tackling the big issues
of non-recyclable plastic waste management and baseload energy
generation in the UK. This project is a blueprint for the future
conversion of coal fired power stations worldwide and, when
completed, we look forward to purchasing power for the next 20
years to underpin the growth in production volumes at the Newport
facility."
"It is our intention to continue work with the management team
of SAE to grow this Company rapidly via organic growth and
acquisitions, and we are working on an exciting deal pipeline."
Tim Cornelius, CEO of SAE commented: "We are delighted to see
the GFG Alliance continuing to invest in the British economy and
SAE will undoubtedly benefit from the vision and energy Mr. Gupta
brings to everything he is involved in. It is management's view
that SAE is currently materially undervalued and can see no
plausible justification or rationale for recent share price
behaviour. The Uskmouth Conversion and MeyGen Tidal Stream projects
will deliver considerable value for shareholders and the
possibility of future acquisitions of SIMEC Energy hydro, storage,
onshore wind and bio-fuel projects place SAE on a trajectory of
rapid growth, with the ambition of transitioning swiftly into a
cash generative, yield growth and equity value growth Company of
scale."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
Cantor Fitzgerald Europe
(NOMAD and Joint Broker to Atlantis) +44 (0)20 7894 7000
Rick Thompson
Richard Salmond
David Porter
Macquarie Capital (Europe) Limited
(Joint Broker to Atlantis) +44 (0)20 3037 2000
Rob Mansley
Nick Stamp
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Alex Beagley
James Styles
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END
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