Investment decision for Project Stroma - MeyGen

RNS Number : 8888R

Atlantis Resources Limited

15 December 2016

 

15 December 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

Investment decision for Project Stroma - MeyGen Phase 1B

Atlantis is pleased to announce that Stroma Tidal Power Limited ("STPL"), the Company's wholly owned project company behind the next phase of the development at the MeyGen site, has confirmed its investment decision to proceed with the development, which is known as Project Stroma (MeyGen Phase 1B).  STPL carried out a competitive tender process for the project construction contracts which has led to the investment decision and enables the project to proceed to construction in 2017.

This next phase of the MeyGen site development is an important step in demonstrating progress to a lower cost of energy for tidal stream.  Project Stroma will include larger diameter rotors to capture more energy from the tidal flow, as well as optimised turbine power ratings.  Furthermore, Project Stroma will use drilled foundation structures rather than the material intensive gravity foundations used in MeyGen Phase 1A.  The turbines will be provided by Marine Current Turbines Limited, which was purchased by Atlantis from Siemens in 2015 in an all-share deal.

Tim Cornelius, CEO of Atlantis, said:

"The lessons we have learned from Phase 1A and the confidence it has given to both us and our supply chain allow us to deliver significant improvements and refinements in this next phase. We believe these improvements will yield more electricity for each pound of investment and represent a material step down our cost reduction curve.  STPL has been working towards this investment decision in line with the specified programme for the NER300 fund, which has awarded €16.8 million of grant support to Project Stroma."

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer Simon Counsell, Chief Financial Officer
Peel Hunt LLP	[phone]
Adrian Trimmings Jock Maxwell Macdonald
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles

 

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