Simec Atlantis Energy said it had awarded a contract to subsea engineering specialists ETA for the supply of a tidal turbine connection system for a UK project.
The subsea hub would allow multiple turbines to be connected to a single power export cable, reducing costs associated with grid connection.
Project Stroma would connect two additional Atlantis AR2000 turbines via the new subsea hub to a single power export cable, which would then be connected via the MeyGen substation to the National Grid.
'The iconic MeyGen project is once again at the forefront of the development of the marine energy industry in Europe,' chief executive Tim Cornelius said.
'Building on the success of our previous project specific bond issuances, we are currently in discussion with several regulated exchanges about the issuance of a debt instrument to fund Project Stroma which will in turn allow us to progress our plans to secure CfD allocations for future phases of the MeyGen project.'
At 8:22am: (LON:SAE) Simec Atlantis Energy Limited Ord Npv Di share price was +0.75p at 21.5p