Official Unveiling of MeyGen Project

RNS Number : 4936J

Atlantis Resources Limited

12 September 2016

 

EMBARGOED: 07:00hrs, Monday 12 September 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

Official Unveiling of MeyGen Project

Atlantis, a global leader in the tidal power sector, is delighted to announce that today it is hosting an event to officially unveil the MeyGen Project, the world's largest free stream tidal power project, at the Nigg Energy Park ("Nigg") in Scotland. The event is expected to be attended by Nicola Sturgeon, First Minister of Scotland, who will officially unveil the MeyGen Project.

The four 1.5MW turbines to be installed on Phase 1A of the project weigh almost 200 tonnes each and have rotor diameter of 18 meters. They will be positioned on top of their foundation structures on the quayside at Nigg ready for deployment to the MeyGen site in the Pentland Firth.  After the unveiling ceremony, the turbines and their foundations, each weighing more than 1,000 tonnes, will be transported to the project site in the Pentland Firth by the Neptune, a DP2 jack-up vessel operated by Geosea, a subsidiary of the DEME Group.

The unveiling follows the MeyGen project's successful connection to the National Grid at the Ness of Quoys distribution network in June 2016 following the installation of 33kV power export cables by the network operator, Scottish Hydro Electric Power Distribution plc ("SHEPD").

Atlantis remains on track to deliver first power to the grid from MeyGen Phase 1A later this year, which will be a landmark event for the global marine power industry. When completed, the MeyGen project will consist of 269 turbines and generate enough energy to power 175,000 UK homes.

No new material financial information will be disclosed at the event.

Tim Cornelius, CEO of Atlantis Resources Limited commented:

"Today marks a historic milestone not just for Atlantis and our project partners, but for the entire global tidal power industry. It gives me enormous pride to have reached this juncture after 10 years of tireless work, preparation and planning by everyone associated with this project. This is the day the tidal power industry announced itself as the most exciting new asset class of renewable, sustainable generation in the UK's future energy mix. This is an industry that is creating jobs and is contributing to making Britain great again and Scotland is the undisputed world leader of this high growth sector. 2016 has proved to be an incredible year for the Company and our shareholders and we look forward to commissioning this phase of the project and then focussing on achieving financial close of Phase 1B, as soon as possible."

For further information, please contact FTI Consulting using the details below.

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer Simon Counsell, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Adrian Trimmings Jock Maxwell Macdonald
FTI Consulting	[phone]
Ben Brewerton Karolina Grzyb James Styles

 

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