Final Results Announcement

(“SAE”, the “Company” and, together with its subsidiaries, the “Group”)

Final Results Announcement

SAE announces its final results for the year ended 31 December 2021. A complete version of the Annual Report and Accounts can be found on the Company website.

Financial Highlights

  • The MeyGen project generated revenues of £1.6 million from the sale of power and Renewable Obligation Certificates.
  • Green Highland Renewables was sold during the year, providing £3.5m of necessary liquidity.
  • On 29 September 2021, the Company announced a placing which raised gross proceeds of £2.6 million through the issue of 104,000,000 new ordinary shares at 2.5 pence each.
  • Overall Group losses for the year were £74.1 million (2020: £19.4 million). The increased loss is the result of recognition of impairment losses on assets and in particular the recognition of £32 million of impairment losses at Uskmouth Power station following the decision in April 2022 not to proceed with the power station conversion.
  • Group total equity at 31 December 2021 of £16.7 million (2020: £81.8 million).
  • Your attention is drawn to the Going Concern basis of preparation in Note 3(a) of the financial statements.

Post Year End Highlights

  • On 23 May 2022, the Company announced it had entered into an agreement with Energy Optimisation Solutions and Quinbrook Infrastructure Partners to deliver a 230MW/ 460 MWh battery energy storage system at the Uskmouth site. This project, which will deliver c. £40m in revenue to the Company over 30 years represents a cornerstone project in the redevelopment of the Uskmouth site into a Sustainable Energy Park.
  • During June 2022, the Company announced that it had received consent from its Atlantis Ocean Energy debenture holders to defer £4.9m of principal repayments due on 30 June 2022 until 30 June 2023. In addition, the debenture holders agreed a 3 month deferral of interest payments due on 30 June 2022.

Duncan Black, Chairman, commented:

“The last 12 months have been a very challenging period for the Group in which we have had to make a number of very difficult decisions, however, it has also been a period in which we have been successful in identifying and securing a number of new and exciting opportunities.  I believe that we end the period with a clear path forward for the Group, a significantly streamlined business, and a number of exciting projects under development that will deliver value to shareholders.

Graham Reid, Chief Executive Officer, commented:

“We have been presented with many significant challenges, but I am incredibly proud that we’ve overcome most of these and I know we have the team, skills and assets in place to deliver long-term, sustainable growth for our business and you, our shareholders.

2021 saw the Company make some difficult but important decisions. While these have had short-term impacts on the business and our financial statements, I am convinced they are the right decisions which will ultimately deliver value to shareholders in the medium to long term.”


For more information, please contact

SIMEC Atlantis Energy Limited +44 (0) 7739 832 446
Sean Parsons, Director of External Affairs
Investec Bank PLC – NOMAD and Joint Broker +44 (0) 20 7597 5970
Jeremy Ellis

Ben Griffiths

Arden Partners PLC – Joint Broker  +44 (0) 20 7614 5900
Ruari McGirr

Simon Johnson


Notes to Editors

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.