Atlantis targeting French tidal power market

RNS Number : 6204Z

Atlantis Resources Limited

16 March 2017

 

 16 March 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

Atlantis targeting French tidal power market

Atlantis, a global leader in the tidal power sector, has today announced its intention to enter the French tidal market through the establishment of a cooperation agreement with French specialist marine engineering company, INNOSEA which is headquartered in Nantes.

France has the second largest tidal power resource in Europe. In collaboration with INNOSEA, Atlantis is preparing an industrial plan to enter the French market. INNOSEA is advising Atlantis on how to build a French supply chain plan for the manufacture, assembly and distribution of the market leading Atlantis AR1500 tidal turbines as well as foundations and associated transportation and logistics. Regions to be investigated for supply chain potential include Brittany (Région Bretagne), Normandy (Région Normandie), Aquitaine (Région Aquitaine), Pays-de-la-Loire (Région Pays-de-la-Loire) and Hauts-de-France (Région Hauts-de-France).

INNOSEA has developed a proprietary marine energy industrial capability directory, which profiles more than 350 organisations in France that have capabilities (products and services) relevant to the marine energy industry. INNOSEA has undertaken an analysis of vessel fleets, operational ports, marshalling yards and logistics companies in order to prepare a local deployment plan for tidal commercial projects in France for Atlantis. INNOSEA has extensive experience with such studies, having previously completed similar scopes of work for the offshore wind supply chain in France. Future work will focus on the requirements of the AR1500 turbine. INNOSEA are currently assessing local partners for civil engineering works, composite, steel or concrete fabrication, turbine assembly, testing and commissioning and component manufacture.

Following the French pilot farm tenders launched by ADEME in 2014, Atlantis is seeking to formally enter and participate in the French tidal power market with immediate aspirations to develop the first tidal array sites in French waters. The cooperation with marine engineering specialist INNOSEA in France will be key for delivering front-end engineering of new arrays in French tidal races such as the Raz Blanchard site in Normandy.  

Tim Cornelius, CEO of Atlantis, said: "France is an exciting new market for commercial scale tidal power project development which is set for enormous growth over the next few years. As a leading developer of tidal power projects, we want to be part of the success of the marine energy industry in France. The success we have worked so hard for at MeyGen has provided our team with knowledge, expertise and lessons learned that can translate directly to project sites such as Raz Blanchard. Government agencies and key suppliers want access to our know-how so that the tidal power industry can rapidly grow, creating long term prosperity for regions blessed with local resource capacity. We have an established track record of domestic supply chain integration, job creation and the stimulation of direct private sector investment. We look forward to working with INNOSEA and the local supply chain in France to deliver affordable, predictable and sustainable tidal power generation for this progressive nation.  

We want to make material progress during 2017 with respect to project identification. From our perspective, deployment of generating assets is possible in one to two years' time. The AR1500 turbine system is already producing commercial scale power in Scotland and our project teams are the most experienced in the world.

Atlantis has already commenced working with INNOSEA in the United Kingdom on the delivery of MeyGen Phase 1B, a multi- turbine array to be located adjacent to Phase 1A the in the Inner Sound of the Pentland Firth in northern Scotland."

INNOSEA Marine Engineering CEO, Hakim Mouslim, said: "Atlantis tidal turbine systems are leading the tidal industry right now. We believe that there is great potential for Atlantis' commercial projects in France. Therefore, building an industrial and local supply chain plan is crucial for the success of projects in France. Our country has strong industry partners which we have identified for Atlantis in order to maximize the industrial local content. The industrial plan for France we have delivered is able to lead to the set-up of dedicated construction and assembly plants for Atlantis if the project pipeline if sufficient. We are delighted to strengthen our cooperation with Atlantis Resources and look forward to entering into the next development and engineering phases of tidal commercial projects in France. "

Enquiries:

Atlantis Resources	Via FTI Consulting
Tim Cornelius, Chief Executive Officer
Simon Counsell, Chief Financial Officer
INNOSEA	[phone]
Hakim Mouslim, Chief Executive Office
FTI Consulting	[phone]
Ben Brewerton
Alex Beagley
James Styles

 

END

 

 

NRAOKPDDNBKBQND