MeyGen Enters Operation Phase

RNS Number : 6478K

Atlantis Resources Limited

12 April 2018

 

The information contained in this announcement is inside information under the Market Abuse Regulation (EU) No 596 / 2014. The person responsible for arranging the release of this announcement on behalf of Atlantis is Tim Cornelius, Chief Executive Officer of Atlantis.

12 April 2018

Atlantis Resources Limited

("Atlantis" or the "Company")

MeyGen Phase 1A completes construction phase and officially enters 25 year operations phase

Atlantis, a global leader in the marine power generation sector, is proud to announce that Phase 1A of the MeyGen project has now completed the construction phase and has formally entered the 25 year operations phase.  At 6MW rated capacity, MeyGen is the world's largest tidal stream array.

This achievement follows on from an extended period of array operation since the turbines were reinstalled in 2017. The array has generated approximately 6GWh of energy to date and in March set a new world record for monthly production from a tidal stream array, generating 1,400MWh.  

The completion of the construction of Phase 1A combined with the ongoing production and reliability levels achieved help to progress the viability of tidal stream energy as a clean and predictable energy source.

Atlantis have an international portfolio of opportunities for further tidal array projects. The MeyGen project alone has 392MW of further development capacity, with consents and grid connection agreements in place to pave the way to exploit more of this potential.   

Tim Cornelius, Atlantis CEO and MeyGen Chairman, said:

"Seeing the MeyGen project move into the operations phase is another major milestone on the path to commercialising tidal stream energy.

We would like to thank all our funders, contractors and shareholders for their unwavering support and belief in the project over the years. I would especially like to thank Scottish Enterprise, Highland and Islands Enterprise, Crown Estate Scotland, Department for Business, Energy and Industrial Strategy (BEIS), Morgan Stanley and Engie. We would also like to highlight the invaluable contributions made by the two turbine suppliers, the highly skilled local supply chain in Scotland and the MeyGen project team. Their commitment and dedication to deliver the project from concept design to commercial operation over the years has been truly exceptional.

We are incredibly proud of this achievement and this provides a solid platform for building out the full capacity at MeyGen and many other similar sites worldwide. This achievement is a triumph of public policy and a demonstration of what can be achieved when government and the private sector roll their sleeves up and decide to create a whole new industry together."

John Robertson, Senior Energy & Infrastructure Manager at Crown Estate Scotland, the body that manages leasing of the seabed, said:

"This is a real success story for MeyGen, for the tidal sector and for Scotland. We are incredibly pleased to have been part of this and look forward to supporting MeyGen and the other tidal energy projects in Scottish waters as the sector strengthens and grows." 

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
Cantor Fitzgerald Europe (NOMAD and Joint Broker to Atlantis)	[phone]
Rick Thompson Richard Salmond
Macquarie Capital (Europe) Limited (Joint Broker to Atlantis)	[phone]
Rob Mansley Nick Stamp
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles

About Atlantis

Atlantis Resources Limited is a vertically integrated project developer and power generation equipment supplier in the marine power industry. The Atlantis group holds equity positions in a diverse portfolio of tidal stream development projects, which includes a stake of 77% in MeyGen Limited, the company developing the world's largest tidal stream project in Scotland. In addition, Atlantis is pursuing a number of marine power project opportunities in France, South Korea and Indonesia to complement its UK pipeline.

Atlantis aims to generate revenue from a number of sources:

●     Realising value from its equity ownership positions across a portfolio of projects;

●    Providing origination and development, construction management and operations management services   to marine renewable project owners and developers;

●     Turbine manufacture, sales and servicing; and

●     Licensing its technology to third party project owners and developers.

Alongside its project development interests, Atlantis owns a portfolio of patents and patent applications relating to tidal power generation, and has developed an extensive range of intellectual property and know-how in a growing global tidal industry that has the potential to achieve over 120,000MW of installed capacity.

 

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