Be sure to check our sister interview main ratings news website

SAE Renewables MeyGen Phase 1 tidal array continues to break records

SAE Renewables Limited (LON:SAE) has announced its unaudited interim results for the six months ended 30 June 2024.

Key Highlights

·      SAE received £7.0 million from the land sale contract with EL (Uskmouth) Ltd

·      SAE acquired 100% ownership of the AW1 120MW/240MWh Battery Energy Storage System (“BESS”) project

·      SAE submitted a planning application for Section 36 consent for the 300MW/1.2GWh “Mey BESS” project in the North of Scotland.

·      The consolidated cash position of the Group as at 30 June 2024 was £7.7 million (as at 30 June 2023: £2.3 million)

·      The Group reported revenues of £12.1 million for the six months ended 30 June 2024 compared to revenues of £12.4m for the same period in 2023

·      The loss before tax of £6.0 million for the six-month period to 30 June 2024 (H1 2023: profit £4.5 million) was largely a result of the profit on the land sale contract with EL (Uskmouth) Ltd having been recognised in 2023 whilst the revenue from the sale was realised during 2024.

Read in Full
Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
SAE Renewables

More articles like this

SAE transforming Uskmouth into a major BESS site

16th December 2024

SAE Renewables Limited (LON:SAE) was founded in 2005 as a supplier of tidal stream turbines, SAE quickly grew to include development of tidal stream projects and is the majority owner of MeyGen, the world’s largest tidal

Tidal energy driving clean power solutions in Scotland

22nd November 2024

A fresh approach to utilising tidal energy could enable Scotland’s coastal communities to transition away from expensive and environmentally damaging oil and diesel power. By focusing on locally generated power instead of waiting for expanded grid

SAE Renewables and the next wave of clean energy alternatives

12th November 2024

While solar and wind dominate the renewable energy conversation, emerging technologies such as geothermal, ocean energy, and green hydrogen are creating new possibilities for a sustainable future. As demand for clean energy rises, these alternatives are

MeyGen tidal energy project evolution and achievements

8th November 2024

The MeyGen tidal stream energy project, owned by SAE Renewables (formerly known as SIMEC Atlantis Energy Ltd), aims to advance renewable tidal energy. In 2010, SAE secured an Agreement for Lease for a site at Inner

Tidal energy alliance drives industrialisation in Scotland

7th November 2024

SKF, Proteus Marine Renewables, and GE Vernova’s Power Conversion division have formalised a memorandum of understanding (MoU) to lay the groundwork for a collaboration that could drive the supply of tidal turbine systems to commercial tidal

Unconventional energy sources for a sustainable future

30th October 2024

The world’s largest climate crisis has ignited a search for renewable energy that extends beyond the familiar terrain of solar panels, wind farms, and hydroelectric plants. Today, scientists, innovators, and entrepreneurs are exploring unexpected, sometimes surprising,

© 2024 – DirectorsTalk. All rights reserved. Reproduction in whole or in part, in any form or medium without express written permission is prohibited.