SIMEC Atlantis management buyout creates Proteus Marine Renewables tidal outfit

Business & Finance

October 21, 2022, by Amir Garanovic

SIMEC Atlantis Energy has agreed the sale of a majority stake in its Advanced Tidal Engineering and Services division (ATES), which resulted in the creation of a new tidal energy outfit Proteus Marine Renewables.

MeyGen turbine ahead of installation (Courtesy of SIMEC Atlantis Energy)

The sale is a management buyout and will allow the newly named Proteus Marine Renewables to grow its product and services offering across a broader scope of marine renewables whilst keeping its immediate focus on tidal energy, SIMEC Atlantis informed.

The company restated its committed to delivering the maximum return for its shareholders and, following the recent UK contracts for difference (AR4) announcement, is continuing to focus its efforts on tidal energy through the development of the MeyGen site.

SIMEC Atlantis said it retained a minority shareholding in Proteus and expects to continue to enjoy a strong relationship with the business and team through a formal collaboration agreement.

The company also said it agreed on contracts to ensure the provision of ongoing services that will allow Proteus to provide continued support to the MeyGen operating tidal array.

Drew Blaxland, CEO of the newly-established Proteus, said: “The formation of Proteus and the injection of private equity capital will give both companies the focus and means to build a pathway to affordable tidal stream power.

“In addition to servicing its responsibilities at MeyGen, Proteus will also be focused on completing its next round of technology advancement.

“Key locations for this include Japan and France, where Proteus is now the majority shareholder in Normandie Hydroliennes, which aims to deploy a 12MW pilot array in 2025, as part of the European Commission’s target of 1GW of marine energy by 2030.”

Graham Reid, CEO of SIMEC Atlantis, added: “We are proud to have developed the ATES business into what it is today and wish Drew and the team every success in the future. A key part of the sale is the agreements in place that ensure that it is business as usual for our existing tidal power projects but allows our focus to be on the delivery of the MeyGen site, the home of tidal energy.”