Atlantis joins forces with Natural Energy Wyre

RNS Number : 5469W

Atlantis Resources Limited

10 February 2017

 

10 February 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

Atlantis Energy joins forces with Natural Energy Wyre

to develop the Wyre tidal energy project

Atlantis Resources, a global leader in the development of marine renewables, is pleased to announce an agreement to partner with Natural Energy Wire ("NEW") to develop the Wyre tidal project planned to be built between Fleetwood and Knott's End on the Lancashire coast in England.

The UK Government's recent review of the potential for tidal lagoon power led by Charles Hendry, former Minister for Energy, concluded that proceeding with a "pathfinder" project as well as other smaller projects would be consistent with the development of the potentially important resource of tidal power around the shores of the UK. The Wyre project, which has been under development for several years, is consistent with this objective, comprising of a 160 MW tidal power plant capable of producing up to 400GWh of completely carbon free power each year, coupled with flood protection. The Wyre project is unique in that it mimics actual tidal cycles, which should translate into minimal environmental disruption.

Atlantis recently announced the launch of a new division, Atlantis Energy, focused on the development of non-tidal stream power projects. This partnership with NEW has been entered into with this new division and builds on the recently announced partnership with French floating offshore wind foundation developer, Ideol, to develop a large-scale demonstration project in the UK.

The origination of the Wyre project has been spearheaded by Bob Long, Managing Director of NEW, and the design of the project has been a collaboration of leading energy sector companies including Mott Macdonald, BAM Nuttall, Arcadis and Andritz Hydro.

Bob Long, Managing Director of NEW, said:

"I am delighted by the involvement of Atlantis in this important project. They have a proven track record of tidal development and an excellent team which can now move this project forward with real pace. I am passionate about the Wyre project and am committed to seeing it delivered for the greater economic good of the region. This is not just a low cost renewable energy project. This is a project that will provide flood protection to an area which will be increasingly vulnerable to rising sea levels. It is a project that offers huge opportunity for the regeneration of Fleetwood and the surrounding area and a chance to enhance the recovery of a previously seriously contaminated estuary."

Tim Cornelius, CEO of Atlantis, commented:

"The Wyre project is an opportunity to develop an extremely cost effective tidal range project which represents excellent value for the consumer. The geography of the Wyre means that only a relatively small impoundment is required for the power output produced. This makes Wyre a very cost effective way to test the concepts of tidal range power; its location also offers the chance to offer multiple benefits to the local community and surrounding area through economic stimulus and habitat preservation.

"I believe our proven track record of development means that, together with NEW, we can bring this project to reality very quickly. This project is absolutely in line with Charles Hendry's recommendations to build momentum in this new industry and with the Secretary of State's ambition for affordable, reliable energy supply with a strong domestic supply chain focus. It also fits well with the Government's stated Northern powerhouse strategy as well as contributing to the development and regeneration of our towns and cities."

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer Simon Counsell, Chief Financial Officer
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles

 

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