Business
Annual Financial Report
Annual Financial Report.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n\n30 June 2025\n\n \n \nSIMEC Atlantis Energy Limited\n(\"SAE\", \"SAE Renewables\" or the \"Company\")\n \nFinal results for the year ended 31 December 2024\n \nSAE announces its audited final results for the year ended 31 December 2024. A complete version of the 2024 Annual Report and Accounts (\"2024 Annual Report\") are available on the Company's website at www.saerenewables.com and can be found here:\nhttp://www.rns-pdf.londonstockexchange.com/rns/8579O_1-2025-6-29.pdf\n \nThe 2024 results demonstrate the business's continued success and its drive to deliver its strategic projects. All the work in 2024 has meant that the business is on track to reach financial close of its flagship AW1 240MWh battery storage project in Q3 2025. 2024 was also a milestone year for the business as it celebrated a decade on AIM, a testament to SAE's exceptional team, projects, and shareholders. \n \n2024 Financial Highlights:\n \n· The Group reported revenues of £14.4 million (2023: £15.3 million).\n· EBITDA* of £7.9m (2023: £8.3m)\n· The Group reported a loss of £25.1m**, compared with a 2023 profit of £23.2m\n· Group debt (excluding non-recourse debt) remained unchanged at £13.7 million\n· As at 31 December 2024 the Group had £6.0 million (2023: £4.2 million) cash at bank.\n \nOperational highlights:\n \n· At the Uskmouth Sustainable Energy Park (\"USEP\"), the business acquired full ownership of the flagship Afon Wysg 1 (\"AW1\") 240MWh Battery Storage Project, which is expected to achieve financial close in Q3 2025.\n· Submitted planning application to the Energy Consents Unit at the Scottish Government for the 1,200MWh Mey BESS Battery Storage project. \n· MeyGen achieved full power with offshore generation peaking at just over 6MW. The array has generated over 79GWh of predictable tidal energy. \n \nPost period highlights:\n \n· SAE secured a £8.5 million loan from Cardiff Capital Region's Strategic Premises Fund. The loan will be used to facilitate the AW1 Battery Storage project at USEP.\n·&nbs...