Business renamed

Tidal firm SAE offloads ATES to MBO team

SAE will focus on it MeyGen site

Simec Atlantis Energy, has sold a majority stake in its Advanced Tidal Engineering and Services division (ATES) to a management buy-out team.

The new owners will rename the business Proteus Marine Renewables and aim to grow its product and services across a broader range of marine renewables while maintaining a focus on tidal energy.

Edinburgh-based SAE said the deal will deliver the maximum return for its shareholders and, after securing support in the fourth allocation round (AR4) from the Department for Business, Energy and Industrial Strategy, the company will focus its efforts in tidal power on the development of its MeyGen site in the Pentland Firth.

SAE has retained a minority shareholding in Proteus and will continue to enjoy a strong relationship with the business and team through a formal collaboration agreement.

It has also 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 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.”

Graham Reid, CEO of SAE, commented: “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.”

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