Shares in Simec Atlantis Energy Ltd (SAE) soared after the sustainable energy project developer and owner announced a contract to supply a battery energy storage system (BESS) for one of UK’s largest BESS projects at Uskmouth.
SAE said it entered an agreement with Energy Optimisation Solutions and Quinbrook Infrastructure Partners via their portfolio company Uskmouth Energy Storage Ltd to deliver a 230 megawatt (MW)/460 megawatt hour (MWh) BESS at the Uskmouth site.
SAE is expected to receive £40mln in revenue over 30 years, of which £11mln will be paid within the next 18 months, subject to certain milestones, the company said in a statement.
Uskmouth will be one of the largest BESS development in the UK and will help play a key role in the UK’s energy transition and the integration of more renewable power into the electricity system, it noted.
The project, which will be…