SUBSCRIBE
PROFILE

SAE sells its tidal power division

SAE announces that it will accept the sale of a majority interest in its Advanced Tidal Engineering and Services (ATES) division.

Share:

Subscribe for unlimited access to all the latest energy sector news.

Over 150 multisector articles and analyses every week.

For less than €3/week*

*For an annual commitment

*Engagement annuel à seulement 99 € (au lieu de 149 €), offre valable jusqu'au 30/07/2025 minuit.

SUBSCRIBE
SAE announces that it will accept the sale of a majority interest in its Advanced Tidal Engineering and Services (ATES) division. Tidal energy SAE announces that it has agreed to sell a majority stake in its ATES division to focus on tidal power. The company will focus on the development…

SAE announces that it will accept the sale of a majority interest in its Advanced Tidal Engineering and Services (ATES) division.

Tidal energy

SAE announces that it has agreed to sell a majority stake in its ATES division to focus on tidal power. The company will focus on the development of the MeyGen site. In addition, the company is committed to providing maximum returns to its shareholders.

This sale is a management buyout. It will allow the new company Proteus Marine Renewables (Proteus) to expand its product and service offering. SAE, however, retains a minority interest in Proteus.

A minority stake in SAE

SAE also agrees to contracts to ensure the provision of ongoing services. They will allow Proteus to provide ongoing support to the operating MeyGen tidal facility. For example, Graham Reid, CEO of SAE, states:

“We are proud to have developed the ATES business into what it is today and wish Drew and the team every success for the future. A key element of the sale is the agreements in place that ensure our existing tidal energy projects will continue to operate as normal, while allowing us to focus on delivering the MeyGen site, the home of tidal energy.”

Proteus will also focus on completing its next technology development cycle. Thus, the company is banking on Japan and France, where it is the majority shareholder of Normandie Hydroliennes. In addition, the group aims to deploy a 12MW pilot network in 2025.

  • Popular on energynews.pro
800-Million-Dollar Agreement: Tsingshan Triggers an Energy Recomposition in Zimbabwe
Putin Signs Decree Paving the Way for Exxon’s Return to Sakhalin-1
SNF acquires Obsidian Chemical Solutions and strengthens its foothold in the Permian Basin
China: Refineries Increase Output but Maintain Crude Oil Surplus
TCL SunPower Global partners with Energia Italia to strengthen its network in Italy
Eco Wave Power Expands Global Presence Despite Rising Mid-Year Losses
With active projects across four continents and strong liquidity, Eco Wave Power accelerates its expansion strategy while absorbing a rise in operational costs in H1 2025.
Eco Wave Power completes installation of pilot project at the Port of Los Angeles
Eco Wave Power has completed the full installation of its wave energy system at the Port of Los Angeles, paving the way for initial operational tests scheduled for September.
China launches 60 GW hydropower dam and creates dedicated public group
A 60-gigawatt hydropower dam under construction in Tibet will increase national capacity by 16%, with an estimated cost of $167bn supported by a new state entity.
Eco Wave Power installs its first wave energy floaters at the Port of Los Angeles
Eco Wave Power has completed the installation of floaters for its pilot project in Los Angeles, marking a strategic milestone in the validation and commercialisation of its wave energy technology in the US market.
Brookfield invests up to $1 billion to increase its stake in Isagen
Brookfield Renewable announces an investment of up to $1 billion to increase its stake in the Colombian energy company Isagen to 38%. Qatar Investment Authority (QIA) is also co-investing to raise its stake to 15%.
China allocates $167.1bn for strategic dam in Tibet
Beijing has launched the construction of a colossal dam on the Yarlung Tsangpo, with $167.1bn in public investment, drawing attention from New Delhi and downstream states.
Brookfield signs 3,000 MW agreement with Google for hydropower in the United States
Brookfield and Google formalise an unprecedented framework agreement to supply up to 3,000 MW of hydropower, with initial contracts worth more than $3 billion for facilities in Pennsylvania.
Eco Wave Power completes production of floaters for its wave energy pilot project in Los Angeles
Eco Wave Power Global AB announces the completion of floaters manufacturing for its first American pilot plant, marking a major step towards the imminent deployment of wave energy at the Port of Los Angeles.
Eco Wave Power receives €2.45mn from EU to deploy wave energy
Eco Wave Power Global AB joins a consortium funded with €2.45mn by the European Interreg Atlantic Area programme to accelerate commercial implementation of wave energy technologies in Atlantic coastal regions.
Minesto completes reorganization to optimize costs and prepare for commercial projects
Minesto has completed a reorganization that led to a 35% reduction in fixed costs and a focus on its future commercial projects. This reorganization includes geographical streamlining, a new management team, and a realignment of product development priorities.
Eco Wave Power obtains authorization to repurchase 10% of its ADS
Eco Wave Power shareholders approve renewed authorization to repurchase American Depositary Shares representing up to 10% of the company's total share capital, during the 2025 Annual General Meeting held in Stockholm, Sweden.
Japan certifies 1.1MW tidal turbine connected to national grid
Proteus Marine Renewables' AR1100 tidal turbine, with a capacity of 1.1MW, obtains official Japanese certification and starts supplying electricity to the national grid after meeting stringent safety and reliability standards.
Minesto receives €2.1mn for tidal-powered microgrid project in Faroe Islands
Swedish company Minesto will lead a consortium awarded €2.1 million funding to install an autonomous tidal-powered microgrid in the Faroe Islands aimed at off-grid communities.
Eco Wave Power inaugurates its first American project at the Port of Los Angeles
Eco Wave Power Global AB will officially launch the first U.S. pilot wave energy project at the Port of Los Angeles on September 9, in partnership with AltaSea, an organization specializing in innovative maritime solutions.
Burundi Inaugurates Major $320 Million Hydroelectric Power Plant
The Burundian government officially launches the first phase of the Jiji-Mulembwe hydroelectric complex, a strategic 49.5 MW capacity project aimed at enhancing national energy supply through substantial international financing.
Agilitas Energy acquires two hydroelectric projects totalling 44 MW in the United States
Agilitas Energy purchases two advanced-stage hydroelectric projects in West Virginia and Maryland, marking its entry into hydropower to bolster its capacity on the U.S. power grid.
Russia Forecasts Drop in Electricity Exports to China
The Russian company InterRAO anticipates a 4% annual reduction in electricity exports, primarily impacted by a significant decrease in shipments to China due to limited hydroelectric production and rising domestic demand.
Global Hydropower Plants Market to Reach USD 318 Billion by 2032
The global hydropower plants market is projected to reach USD 318.3 billion by 2032, driven by growing demand for renewable energy, increased adoption of micro-hydropower plants, and heightened government support, according to a recent report.
Port-au-Prince plunged into darkness after forced shutdown of hydroelectric plant
Port-au-Prince is without electricity after residents of Mirebalais forcibly shut down a hydroelectric plant protesting government inaction amid escalating gang-related violence.
Globeleq acquires 51% of Lunsemfwa Hydro Power in Zambia from Norfund
Globeleq acquires a majority stake in Lunsemfwa Hydro Power Company, marking its entry into the Zambian energy market with two hydropower plants and a solar project.

We are making technical adjustments to our item access system.
Temporary display or access problems may occur.
Thank you for your understanding.

Consent Preferences