Project MeyGen Update

RNS Number : 7189O

Atlantis Resources Limited

11 August 2014

 



11 August 2014

ATLANTIS RESOURCES LIMITED

("Atlantis" or the "Group")

MeyGen Project Update

Atlantis, owner of the world's largest planned tidal current energy project, MeyGen, and tidal energy equipment supplier, announces that it will today sign a contract with ABB, a leading power and automation technology group, to provide the onshore infrastructure works and electrical equipment for Phase 1A of the MeyGen project in the Pentland Firth in Scotland.

Atlantis continues to work closely with all relevant financing and contracting parties on achieving financial close for the first phase of the project, which is expected to be completed shortly. Accordingly the Board knows of no reason for the recent share price falls. The project remains on track for construction to commence in 2014 with first power expected in early 2016.

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For further information please contact:

Atlantis Resources Limited	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Duncan Black, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Daniel Harris / Andy Crossley
FTI Consulting (Media and PR) Ben Brewerton / Alex Beagley / James Styles	[phone]

About Atlantis Resources

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Group holds interests in a diverse portfolio of tidal stream development projects, which includes 100 per cent ownership of MeyGen Limited, the company developing the MeyGen project in Scotland.  The directors believe that MeyGen is the largest consented tidal stream power project in Europe, and is scheduled to commence power production in 2016.

Alongside its project development interests, the Group owns a portfolio of patents and patent applications relating to tidal power generation and sells tidal generation equipment and engineering services to third party developers as well as its own projects. The Group, which is revenue generating, also conducts industrial research and development and provides specialist consulting services globally.

 

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