Tidal energy developer Atlantis Resources receives EC funding, completes IPO

Atlantis Resources Logo

Tidal technology and project developer Atlantis Resources Limited has been awarded a US$10.55 million grant from the European Commission's Seventh Framework Programme for Research and Technological Development.

Atlantis Resources, which acquired the 398-MW MeyGen tidal energy array in November, said the EC funding will help support the deployment of multi turbine arrays at the MeyGen site.

"The award of this grant is a major endorsement of Atlantis," CEO Tim Cornelius said. "It will help to catalyse the industry's development, providing a credible and robust transition pathway from single turbine demonstration units, to the deployment of multi-hundred turbine arrays in Europe and across the wider international market."

The program is being supported by DHI, Royal HaskoningDHV and the University of Edinburgh, Atlantis Resources said, and will help facilitate the design, installation and operation of its 1.5 MW AR1500 tidal energy units.

The London-based developer has also announced its entry in the Alternative Investment Market with a successful initial public offering and associated $20 million placing.

"Today's EC funding announcement caps an exciting and extremely busy few months for Atlantis Resources," Cornelius said. "Takein with the [$20 million] that we have raised through IPO, this grant means that the business is in a strong financial position to deliver its projects."

Cornelius said the capital raised through the IPO will be used to fund detailed design of the AR1500 turbine with Lockheed Martin and a demonstration project using its AR1000 turbines in China, in addition to supporting the first phase of the MeyGen project.

Located in the Inner Sound development zone of Scotland's Pentland Firth, the array is the largest of its type in Europe.

The 3.5 square km site is being developed in multiple stages, with its first power expected to be generated in late 2015 or early 2016.

The developers recently received a lease agreement from the Crown Estate and began upgrading transmission lines to provide a grid connection point.

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