SIMEC Atlantis Energy* - Uskmouth battery storage planning granted

Uskmouth battery storage planning granted

Hybridan Small Cap Feast 09/03/2022

December 2022 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

SIMEC Atlantis - Uskmouth Battery Wins Planning

Planning permission for the Uskmouth Battery Energy Storage Project has been granted removing the last main battier to financial close on the project. This is on track to complete in Q1 2023 at which point SIMEC Atlantis should receive a £4m premium payment.

SIMEC Atlantis Energy* - MeyGen project update

MeyGen project update

SIMEC Atlantis - Focusing on Development

The management buyout of the SIMEC Atlantis tidal engineering business represents a sensible refocusing in our view. The company can now prioritise development activities including the 28MW tidal opportunity at MeyGen.

SIMEC Atlantis - Interims Show Reduced Losses

SIMEC Atlantis’ interim results show a reduction in losses with more progress expected now that it has three turbines operational at the MeyGen tidal energy project in Northern Scotland. Receipt of the initial £6m payment on the Uskmouth battery project gives the company additional support with a further c. £5m due in the next 14 months.

SIMEC Atlantis Energy* - MeyGen tidal turbine redeployment

MeyGen tidal turbine redeployment

SIMEC Atlantis - First Payment From Battery Project

SIMEC Atlantis is making good progress with the new battery project for Uskmouth with the key grid connection variations now secured and an initial £6m payment made from the project company. The project is on track for operation by 2024. Additionally, the company has satisfied key conditions following the award of CfD support for an additional 28MW of tidal capacity at MeyGen.

SIMEC Atlantis Energy* - Battery storage grid connection progress

Battery storage grid connection progress

Review of Electricity Market Arrangements - REMA Could Bring Benefits

Last week, the UK government published the consultation paper on its Review of Electricity Market Arrangements (REMA). Any change potentially represents uncertainty in a market that has been wary of changes with a number of shares falling after early details of possible reforms were flagged in the press. We review the possible changes and conclude that while there is some risk, from what we can see at present the likely outcomes could be either minimal or beneficial for investors in clean energy

SIMEC Atlantis Energy* - MeyGen CFD auction award

MeyGen CFD auction award

SIMEC Atlantis - Success in CfD Round 4

The securing of support for 28MW of new tidal capacity at MeyGen confirms SIMEC Atlantis as the leading developer of tidal energy in the UK. We think an attractive project can be delivered at the strike price thanks to cost performance delivered by the company over recent years.

SIMEC Atlantis - A Clear Path Forward

SIMEC Atlantis’ full year statement and in particular its going concern statement show that financial risks remain following the decision not to proceed with the Uskmouth conversion. Yet the company has created a path through these risks with the creation of the 240MW Uskmouth battery project and further opportunities at the MeyGen tidal stream project. With MeyGen seeing the immediate benefit of an additional turbine in the water we see the current year as being a better one for the company.

SIMEC Atlantis - Abundance Repayment Timetabled

SIMEC Atlantis has followed the announcement on a battery storage deal with some tidying up of its financing. Delaying repayment of the Abundance debenture looked inevitable in our view but the new deal now provides more than enough cash for repayment next year.

SIMEC Atlantis Energy* - Uskmouth battery storage contract signed

Uskmouth battery storage contract signed

Terminating coverage

Strong finish to 2022, upgrade to 2023

Somero Enterprises - Year-end trading update – slightly lower than expectations

The update reflects some slight customer supply chain constraints, with the resultant FY revenue and EBITDA slightly down on previous guidance. Underlying market demand remains positive with expected backlogs. Strong growth was again recorded by Europe (+20%) and Australia (+40%). We reduce our revenue for FY22 by 3.5% with a 3.7% reduction in Adj EPS. Lower net cash of $34.0m is also reflected in dividends, which we reduce by 22% to 37.5ȼ. The growth story remains strong with international grow

QuotedData’s Real Estate Monthly Roundup – January 2023

Performance - 2022 ended with another difficult month for property companies as the sector continues to get to grips with the impact of higher interest rates. There were several funds that performed well during December, however, with secondary shopping centre landlord Capital & Regional top of the pile. For a second month on the trot Home REIT saw its share price tank after it came under attack from a short seller in November. Valuation moves - It was a mixed bag for valuations, with six-month

This Week's AIM Highlights 20th January 2023

LIBERUM: SigmaRoc* - Good start to 2023 with strong pipeline

LIBERUM: Yü Group* - Yet more upgrades

Strix (KETL LN) - Full year trading update

Strix have issued a full year trading update indicating profit after tax will be c. £23.0m, in line with updated guidance provided in the 30 November 2022 trading update following completion of the Billi acquisition. Year-end net debt came in at £87.0m, slightly ahead of Zeus forecasts, leaving the company well placed to bring net debt / EBITDA materially below 2.0x during FY23. Profitability being in line provides confidence that the Zeus FY22 revenue forecast of £110.0m will be achieved, imply

Q4 & FY22 Trading Update

Capital Limited (LSE: CAPD) this morning provided its Q4 & FY2022 trading update. The Company has continued to perform strongly in 2022 with Q4 revenue 8.2% higher QoQ and 18.9% higher YoY. The full year of revenue has once again exceeded the revised guidance (albeit marginally) and our estimates.

ITM Power - A Major Reset

ITM’s new CEO has outlined a major reset for the company focused on transforming it into a volume manufacturer of market leading electrolyser technology. Getting there will involve a lot of work and cost and today’s revised guidance shows a near doubling of EBITDA loss against the original consensus for FY23. FY 24 should start to see the benefit of cost cutting and the company has also announced two new 100MW contracts announced today with Linde. Importantly, ITM has the cash reserves to suppor

FY23 expectations dashed; 12-month strategic plan unveiled; opportunity to accumulate?

As set out in its preliminary release ITM’s H1 results and FY23 outlook were below expectations. Revenues were lower, as sales related to the Leuna project were deferred to FY24. On the cost side, gross loss expanded due to inventory losses, and increased contract and warranty provisions. ITM also announced the signing of two 100MW projects to Linde Engineering, a strategic review of Motive Fuels, and a new 12-month strategic plan to reorient the company towards manufacturing and delivery.

ITM Power (ITM LN) - H1 FY 2023 results

ITM has released its H1 results to the end of October 2022, alongside providing an update on the company’s strategy under its new CEO. The statement is something of a curate’s egg, showing an expectation of poor FY 2023 financial performance (as previously flagged), but also a new strategy focused on manufacturing scale-up, and signature of two new 100MW contracts.

Hybridan Small Cap Feast - 25 Jan 23

25 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

SHORE CAPITAL - Ultimate Products+ (UPGS) - House Stock, 170p - Returning to Ambiente - a commercial opportunity

Hybridan Small Cap Feast - 17 Jan 23

17 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object