Atlantis Energy joins forces with Ideol

RNS Number : 1421V

Atlantis Resources Limited

26 January 2017

 

26 January 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

Atlantis Energy joins forces with Ideol
to drive the development of floating offshore wind in the UK

Atlantis Resources, a global leader in the development of marine renewables, is pleased to announce that it has signed a Memorandum of Understanding ("MoU") with Ideol, a leading developer of offshore wind floating foundation solutions.

The announcement follows the Company's decision earlier this year to establish Atlantis Energy, a new internal division to expand its offerings into non-tidal stream project development, which has generated much interest from potential investors, developers and industrial partners, particularly in the floating offshore wind sector.

The collaboration will seek to initiate the development of a floating offshore wind project of up to 1.5 GW, with a pre-commercial phase of up to 100MW commissioned by 2021.

Under the MoU, Atlantis will lead the review, selection and consenting of UK sites and in attracting third party funding. Ideol will design the technical concepts and be the exclusive provider for the floating foundation systems.

Abundant offshore wind resources, governmental incentives and support frameworks combined with extensive oil and gas, maritime and fixed offshore wind experience will position the UK as one of the market leaders for floating wind projects. Atlantis and Ideol intend to deliver the pathfinder project that will catalyse a boom in future floating offshore wind development in the UK.

Potential development sites will be disclosed in future statements, however the Ideol foundation opens vast new development opportunities in resource rich locations right across the UK.

Tim Cornelius, CEO of Atlantis, commented:

"Ideol are a high quality, technically proficient, world leading technology and services company capable of delivering cost competitive floating offshore wind solutions to a market that is voracious in its appetite for large scale offshore wind development at an optimised cost of energy. This MoU is a significant step in our diversification strategy and leverages our existing skill set accumulated during the progression of our tidal portfolio. To now be seeking to develop a large floating offshore wind project alongside the UK's largest tidal stream project is truly exciting. We want to leverage Ideol's expertise in designing, engineering, building and installing floating offshore wind substructures to bring UK consumers affordable, sustainable and secure power."

Paul de la Guérivière, Ideol's CEO, commented:

"With two full-scale demonstrators currently under construction in France and in Japan, as well as a  pre-commercial wind farm under permitting in the French Mediterranean, Ideol and its patented damping pool® technology are at the forefront of a cost competitive and rapidly accelerating floating offshore wind industry. Our strategic goal is now focusing on the development of large commercial scale wind farm projects with several opportunities currently under review in and outside of Europe. We are very excited by our partnership with an ambitious organisation such as Atlantis which has demonstrated its unique ability to develop innovative projects and to catalyse financing from strategic investors, in particular in a key market for Ideol such as the UK."

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer Simon Counsell, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Joint Broker)	[phone]
Adrian Trimmings Jock Maxwell Macdonald
Macquarie Capital (Europe) Limited (Joint Broker) Raj Khatri Nick Stamp	[phone]
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles

Notes to Editors:

About Ideol

Ideol, based in La Ciotat (France), was created in 2010 with the aim of developing both technically and economically viable floating foundation solutions for the offshore wind industry. Recipient of numerous innovation and entrepreneurship awards, the company benefits from the support of a large and prestigious panel of public and private investors. Its industry-changing and patented "Damping Pool"® design is compatible with all existing offshore wind turbines. Maximising local content and optimising the entire process from construction to installation, maintenance and decommissioning have been the company's key priorities since day one. Its particularly cost-competitive solution allows for the development of projects without any water depth or soil constraints on sites benefiting from the best available wind resources. Benefiting from the experience and know-how of a fully integrated team of 60 experts and engineers coming from the offshore oil and gas and renewables industries, the company is currently working on several projects across the globe including France's first offshore wind turbine (the FLOATGEN project, currently under construction), Japan's most recent floating offshore wind demonstrator scheduled for commissioning in 2018 as well as the French Mediterranean's first floating offshore wind farm.

 

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