Entry into Fuel Joint Venture Agreement

22^nd December 2020

SIMEC ATLANTIS ENERGY LIMITED
("Atlantis", the "Company" or, together with its subsidiaries, the "Group")

Entry into Fuel Joint Venture Agreement ("NPA")

Atlantis, the global sustainable energy generation company and technology developer, is pleased to announce it has now formally entered into a joint venture agreement with industry leading alternative fuel production and supply partner, the Netherlands based N+P Group. This follows the announcement on 7 August 2020 of the signing of Heads of Terms. Atlantis owns 50% of the new company, NPA Fuels Limited (NPA). NPA will produce, market, and deliver waste derived fuel products to converted coal fired power station operators throughout the UK, and the Uskmouth project. NPA will produce Subcoal®, a high-quality waste derived fuel product for sale to Atlantis owned assets as well as to other converted UK coal fired power stations.

As per the operational update on 9 December 2020, NPA is now driving forward planning, permitting and consenting for multiple fuel production plants ("FPPs") in the UK. The Company is currently negotiating land and rail rights at several different locations across the UK, including both greenfield and existing facilities. Atlantis will update the market on progress when appropriate.

Timothy Cornelius, CEO of Atlantis, commented:

"The waste derived fuel pellet developed by N+P Group over the past few years as part of Atlantis' multi-million pound R&D and testing program has been conducted in collaboration with multiple academic institutions and with the assistance of Mitsubishi Power Europe. This work has changed the way the industry views ageing coal fired assets, which are soon to be retired. We expect this fuel to be in high demand and securing supply for Uskmouth through our ownership of NPA Fuels is an important step towards achieving financial close. We look forward to building a large and profitable alternative fuels powerhouse together in the years to come."

Stijn Jennissen, CCO of N+P Group, said:

"The investment in the development of a new type of Subcoal® has led to a unique fuel that is combustible in converted existing coal burners. We believe this unique fuel will revolutionise the way coal fired power stations operate in the future. We are very excited to be the sole fuel supply partner on the Uskmouth project in Wales via our ownership in NPA Fuels, which we believe will be the catalyst for many more power station conversions globally. We believe that the Uskmouth contract will be the start of a rapid growth, profitable and scalable business and we look forward to growing NPA Fuels with Atlantis in the UK over the coming years."

-- ENDS --

Enquiries:

Notes to Editors

SIMEC Atlantis Energy

Atlantis is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77 per cent. stake in the world's largest tidal stream power project, MeyGen, 100 per cent. of the 220MW Uskmouth Power Station conversion project and 100 per cent. of Green Highland Renewables, a leading developer of mini-hydro projects.

https://www.simecatlantis.com/

More on the MeyGen Project: https://simecatlantis.com/projects/meygen/

More on the Uskmouth Project: https://simecatlantis.com/project-development-operation/simec-uskmouth-power/

Link to Heads of Terms announcement 7^th August: https://simecatlantis.com/2020/08/07/further-re-fuel-supply-joint-venture-with-np-group/

Link to Operational Update 9^th December: https://simecatlantis.com/2020/12/09/4674/

N&P

N+P Group (N+P) is a global trader, developer, and producer of alternative fuels. The Dutch founded company has offices and production sites in a number of European countries and is developing a portfolio of new production facilities throughout the world. N+P specializes in waste derived fuel developments, turning non-recyclable paper and plastic waste streams into high quality fuels, that are used to substitute fossil fuels in existing boilers and industrial applications.

https://www.np-recycling.nl/en/

Market Information

Forward-looking statements

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. These forward-looking statements, which may use words such as "aim", "anticipate", "believe", "could", "intend", "estimate", "expect" and words of similar meaning, include all matters that are not historical facts. These forward-looking statements involve risks, assumptions and uncertainties that could cause the actual results of operations, financial condition, liquidity and dividend policy and the development of the industries in which the Group will operate to differ materially from the impression created by the forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given those risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by the Financial Conduct Authority, the London Stock Exchange plc or applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.