Scottish Energy Minister Confirms ?2m Loan

RNS Number : 9719A

Atlantis Resources Limited

26 February 2014

 



26 February 2014

ATLANTIS RESOURCES LIMITED

Scottish Energy Minister Confirms £2m Loan

London - Atlantis Resources Limited ("Atlantis" or the "Group"), a vertically integrated turbine supplier and project owner in the tidal power industry, notes, as set out in the Group's Admission Document, an announcement made earlier today by the Scottish Energy Minister, Fergus Ewing.

The Minister confirmed at Renewable UK's Wave and Tidal conference in Belfast that Atlantis has secured funding of £2 million from the Renewable Energy Investment Fund to help establish a global engineering and project management hub in Scotland.  

The Atlantis hub, which will become the Group's global centre of excellence, will be based in Edinburgh and will host at least 20 employees once fully operational.

Atlantis is leading development of a number of high profile tidal projects, including the MeyGen project, Europe's largest and most high profile marine power project, which will deliver up to 398MW of power when fully complete. This project, using the company's new AR1500 1.5MW tidal stream turbine, will be installed in phases in Scotland's Pentland Firth.

Tim Cornelius, Chief Executive of Atlantis, said:

"This £2 million funding is clearly a serious vote of confidence in Atlantis as a tidal energy developer and our plans to deliver Scotland's first major tidal energy project in the Pentland Firth. However, its benefits won't stop there. It will not only create Scottish jobs here today but also help create new foreign markets for the export of Scottish skills tomorrow, putting Scotland at the forefront of the fast-growing global tidal energy sector."

For further information please contact:

Atlantis Resources Limited	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Duncan Black, Chief Financial Officer
N+1 Singer Advisory LLP	[phone]
Andrew Craig / Ben Wright / Alex Wright
FTI Consulting	[phone]
Ben Brewerton / Alex Beagley / James Styles

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About Atlantis Resources Limited

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Group holds equity positions 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 the MeyGen project is the largest consented tidal stream power project in Europe, and is scheduled to commence power production in 2015. 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.

The Directors believe that the combination of rigorously developed technology and a geographically diverse portfolio have positioned the Group well for future growth. Atlantis has exclusive agreements with a range of international industrial partners; Lockheed Martin Corporation is working with Atlantis to complete the detailed design and systems integration of the Group's 1.5MW AR1500 turbine, and the Directors believe that future low cost manufacturing can be achieved through the Group's strategic agreement with Dongfang Electric Machinery Co. Ltd. In the projects sphere, the Group is working with Lockheed and Irving Shipbuilding in Canada and Gujarat Power Corporation Limited in India, and is in discussions with The Crown Estate, the Department of Energy and Climate Change and the Scottish government for the delivery of the MeyGen project.

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