Simec Atlantis Energy is to receive a €1 million funding boost for its pioneering MeyGen tidal power project in the Pentland Firth.
The sustainable energy specialist has been awarded the grant, worth around £888,000, from the European Executive Agency for Small and Medium-sized Enterprises, via the European Maritime and Fisheries Fund’s call for “sustainable blue economy” proposals.
The funding will support Atlantis, and its supply chain partner Asturfeito SAU, with innovations to enhance the technology involved in MeyGen and facilitate its ambitious cost reduction targets.
Atlantis chief executive Tim Cornelius announced plans in October to expand the MeyGen site by adding two new turbines to reduce costs and boost site capacity to 400 megawatts. The two-year project will begin in January.
Atlantis has also created a joint venture (JV) with Development Agency for Normandy to develop a site of the coast of northern France which is billed as Europe’s largest planned tidal power project.
Drew Blaxland, director of turbine and engineering services of Atlantis, said: “The AR1500 turbine installed at the MeyGen project in 2017 marked the first commercial scale turbine installed in a tidal array. Following this successful deployment and record breaking operation, we now look to the future.
“This grant agreement and support from the sustainable blue economy call allows us to accelerate one of our key LCOE [levelised cost of energy] cost reduction initiatives.”
Adam Forsyth, analyst at Cantor Fitzgerald, said: “Atlantis continues to find additional value at the MeyGen project.
“This work provides a direct benefit at MeyGen but will also improve the offering in the sizeable opportunity represented by the French JV.”