SIMEC Atlantis Energy Ltd on Friday said it has received the penultimate £1.5 million payment under its agreement for a battery energy storage system at Uskmouth, Wales.

SAE is a Scotland-based owner and developer of sustainable energy projects.

In December 2023, SAE announced it had agreed to sell its freehold land to EL (Uskmouth) Ltd, a subsidiary of FPC Electric Land Ltd, for £9.8 million.

The land is being used for a 460 megawatt hour battery energy storage system, and is a small proportion of SAE’s land at the Uskmouth site that is available for energy storage development.

SAE said this is the third and penultimate milestone payment, with the final payment to be paid following the delivery of 10% of the batteries for the project.

Shares in SIMEC Atlantis Energy were up 9.3% to 2.00 pence in London on Friday afternoon.

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