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SIMEC Atlantis Energy Ltd shares soared on Friday after the energy producer said that it secured a non-convertible loan of £2.5 million from Scottish Enterprise for its MeyGen tidal stream project.
Shares were trading 33% higher at 2.06 pence each on Friday morning in London.
The Edinburgh-based tidal and hydro energy producer said that the loan will enable the redeployment of the remaining two turbines at the MeyGen site within the next 12 months.
The MeyGen project is located at an offshore site between Scotland's northern coast and the island of Stroma.
The deployment of the remaining turbines follows the successful deployment of AR1500, a 1.5 million watt tidal turbine, in March.
The first of these turbines is scheduled for redeployment in May and the final turbine will be deployed in March 2023, SEA said.
The company noted that the turbines have ‘far exceeded expectations’ when operational. Next to the deployment, the new funding will ensure the continuation of the project.
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