SIMEC Atlantic Energy has disposed of the majority of its Advanced Tidal Engineering and Services division (ATES). SAE says that following the recent AR4 announcement, it is focusing its efforts in tidal power on the development of the MeyGen site.
The majority stake in ATES has been acquired in a management buy-out. It will now be named Proteus Marine Renewables and it aims to grow its product and services offering across a broader scope of marine renewables whilst keeping its immediate focus on tidal energy. Drew Blaxland, chief executive of 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 EC’s target of 1GW of marine energy by 2030.”
SAE has retained a minority shareholding in Proteus and agreed on contracts to ensure the provision of ongoing services from Proteus to the MeyGen operating tidal array.