SAE has agreed to the sale of a majority stake in its Advanced Tidal Engineering and Services division (ATES), with the company stating it is focusing its efforts in tidal power on the development of the MeyGen site.
The sale is a management buy-out and will allow the newly named Proteus Marine Renewables (Proteus) to grow its product and services offering across a broader scope of marine renewables whilst keeping its immediate focus on tidal energy, SAE said.
SAE has retained a minority shareholding in Proteus and will continue to enjoy a strong relationship with the business and team through a formal collaboration agreement. SAE has also agreed on contracts to ensure the provision of ongoing services that will allow Proteus to provide continued support to the MeyGen operating tidal array.
“We are proud to have developed the ATES business into what it is today and wish Drew and the team every success in the future,” commented Graham Reid, CEO of SAE. “A key part of the sale is the agreements in place that ensure that it is business as usual for our existing tidal power projects but allows our focus to be on the delivery of the MeyGen site, the home of tidal energy.”
“The formation of Proteus and the injection of private equity capital will give both companies the focus and means to build a pathway to affordable tidal stream power,” added Drew Blaxland, CEO of Proteus. “In addition to servicing its responsibilities at MeyGen, Proteus will also be focused on completing its next round of technology advancement. Key locations for this include Japan and France, where Proteus is now the majority shareholder in Normandie Hydroliennes, which aims to deploy a 12MW pilot array in 2025, as part of the EC’s target of 1GW of marine energy by 2030.”