SIMEC Atlantis Energy Ltd on Friday said Newport City Council in Wales gave it conditional planning consent for a 230 megawatt/460 megawatt per hour battery energy storage system at the Uskmouth site.

The Edinburgh-based energy company focused on tidal energy said it expects to achieve contractual milestones in the first quarter of 2023.

In August, Simec said it anticipated the project to be operational by 2024. The company in May said its portfolio company Uskmouth Energy Storage Ltd signed the £40 million contract with Energy Optimisation Solutions Ltd and Quinbrook Infrastructure Partners Ltd, which it back then said represented an ‘anchoring project’ in the development of the Uskmouth site into a sustainable energy park.

SIMEC Atlantis shares rose 31% to 2.15 pence each in London on Friday morning.

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