S'abonner

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:

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.

  • Populaires ​
MN8 Energy raises $575mn with Natixis CIB to strengthen its US solar debt
Carbon2Nature and Uría Menéndez launch reforestation of 90 hectares in Salamanca
TNB, Petronas and Terengganu Inc launch green hydrogen hub and hybrid solar in Malaysia
Occidental Petroleum reduces production in the Gulf of Mexico in the second quarter
Azule Energy announces major offshore gas discovery in the Angolan Congo Basin
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.
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.
Asian Bank Funds Kyrgyz Energy Upgrade and Targets Kambarata-1 Project
The Asian Development Bank provides nearly a million dollars for improving Kyrgyzstan's energy system and considers an additional $150 million for the strategic Kambarata-1 hydroelectric dam.
Ukraine plans post-war reconstruction of strategic Kakhovka hydroelectric dam
Ukraine’s national operator Ukrhydroenergo announces an ambitious two-phase reconstruction plan to swiftly restore the Kakhovka hydroelectric dam, destroyed during the conflict, at an estimated cost of up to one billion dollars.
Minesto boosts Dragon 12 tidal turbine performance by 25%
Swedish energy developer Minesto confirmed a 25% increase in output from its Dragon 12 tidal system, marking a key step towards commercial deployment in the Faroe Islands.
Axpo launches hydraulic works at Beznau to strengthen its infrastructure until 2052
Axpo will start major works in May around its Beznau hydropower plant to meet the requirements of its new operating permit valid until 2052, including the creation of new ecological habitats.
Orkla sells its hydropower portfolio for NOK 6.1 billion
Norwegian group Orkla announces the sale of its hydropower portfolio through two separate transactions, valuing the assets at NOK 6.1 billion. A strategic decision aimed at streamlining operations and refocusing priorities.
Eastern Kazakhstan Invests in Five New Hydropower Plants by 2030
Eastern Kazakhstan plans to construct five hydropower plants with a total capacity of 74.3 MW, consolidating its position as a national leader in hydropower despite challenges related to land allocation.
Adani Group Accelerates Its Global Expansion with 10 GW of Hydroelectric Projects
Adani Group, a leader in renewable energy, plans to develop 10 GW of hydroelectric capacity in several Asian and African countries, including Bhutan, Nepal, Kenya, and Vietnam, to strengthen its green portfolio and achieve carbon neutrality by 2050.
ANDRITZ upgrades the Vamma hydropower plant in Norway
The international technology group ANDRITZ has been selected to upgrade one of the units of Norway's largest run-of-river hydropower plant, Vamma, increasing its capacity by 22% while improving its energy efficiency.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING