SIMEC Atlantis Energy
LSE: SAE46Mixed / Improving· ProvisionalDeveloper and operator of tidal stream energy projects, owning the 6 MW MeyGen array in the Pentland Firth — the world's largest operational tidal stream installation — with CfD contracts for 59 MW of further expansion.
Why it's on ClimateTicker
SIMEC Atlantis Energy (now rebranded Ampeak Energy) operates the world's largest tidal stream array at MeyGen in the Pentland Firth, generating genuinely zero-carbon, predictable electricity — a legitimate mitigation play. However, the company's climate credibility is undercut by a history of entanglement with GFG Alliance (a controversy-struck industrial conglomerate), the failed Uskmouth coal-plant conversion, and a near-total absence of published SBTi, CDP, or independently verified climate targets. The core tidal asset is real and operational, but the surrounding governance and disclosure framework is thin for an investor demanding rigor.
Commitments & Certifications
Controversy & Greenwashing Watch
GFG Alliance contributed the coal-fired Uskmouth Power Station to SAE in 2017 for conversion to a 220 MW waste-to-energy plant; the project was called in by the Welsh Government in early 2021 and ultimately abandoned in April 2022, raising questions about asset quality and strategic credibility.source ↗
GFG Alliance, which held a ~41–43% majority stake in SAE, was placed under UK Serious Fraud Office investigation in May 2021 for suspected fraud, fraudulent trading, and money laundering, causing SAE shares to collapse 30–34% and triggering a contested receivership of the shareholding block.source ↗
SAE shares fell over 30% in a single session in May 2021 after disclosure of a receivership attempt over the GFG-held majority stake, followed by an 80%+ intraday recovery once control was restored — illustrating extreme governance instability for a listed company.source ↗
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