Scottish renewables firm Simec Atlantis Energy (SAE) has posted pre-tax losses of £10.7 million for the six months to June 30.
It marks a deterioration in trading from losses of £6.2m a year earlier.
SAE, which operates the MeyGen tidal array in the Pentland Firth, said there were a number of factors behind the wider losses.
Partly driven by MeyGen outages
The Edinburgh firm added: “There was reduced revenue performance from the MeyGen project as a result of significant outages in three of its four turbines, which necessitated retrieval for onshore repair.
“2021 results for the tidal turbine and engineering services division have seen a drop-off following a very strong 2020, which benefitted from revenues on the phase one Japanese tidal project.
“GHR (SAE’s hydro division) continued to deliver stable growth.”
Earlier this year SAE announced it had successfully installed Highland-built tidal turbine and generation equipment in Japan.
It is now producing clean electricity between the islands of Naru and Hisaka in the Goto island chain.
The SAE-designed and manufactured AR500 system was assembled and tested in nine weeks at Global Energy Group’s Nigg Energy Park on the Cromarty Firth.
SAE’s first half revenue came in at £5,2 million, down from nearly £8m a year ago.
Chief executive Graham Reid said: “Our projects and the technologies we are developing with our partners will be critical in the global fight against climate change.”
Share placement to raise £2.5m
In a separate announcement, the company revealed plans to raise around £2.5m through a share placement.
The cash will be used to fund working capital and the delivery of “first-of-a-kind and world-leading projects”, SAE said.
In July, SAE announced its largest shareholder – GFG Alliance, the troubled group controlled by industrialist Sanjeev Gupta – had wrested back control of the business from the clutches of receivers.