MeyGen Project awarded ICOE's Navigator Award

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Atlantis Resources Limited

05 November 2014

 



World's largest tidal array development wins prestigious international Award

The UK's 'MeyGen Project' awarded the ICOE's inaugural 'Navigator Award'

5^th November 2014: Last night, the 398MW MeyGen project was awarded the first ever 'Navigator Award' at the International Conference on Ocean Energy (ICOE), in recognition of the project's significant contribution to the global marine renewable industry.

The highly prestigious Award was awarded to the MeyGen Project, which is 86 percent owned by Atlantis Resources, at the International Conference on Ocean Energy, in Halifax, Nova Scotia.

Dan Pearson, CEO of MeyGen was delighted to receive the award. He said: "At MeyGen, we are both thrilled and challenged to accept the ICOE 2014 Navigator award and recognition. We know that the eyes of the world are on our project, but we know we are solving lots of problems for the first time!"

The International Conference on Ocean Energy is held in even years and is the world developer conference for the wave and tidal industry. With 120 exhibitors in a tradeshow and more than 650 delegates from 25 countries, it is a benchmark event for this emerging industry.

Chris Campbell, chair of ICOE's international organisers, remarked "MeyGen is the first project to secure leasing, environmental permitting, technology supply, power purchase and financial close agreements. The project has momentum and has potential to grow into an industrial-scale power plant."

"Scotland, France, Ireland and Nova Scotia are the places to watch for these prototype tidal power projects" said Elisa Obermann of Marine Renewables Canada, the national organization hosting the fifth ICOE, for the first time outside Europe.

In its first phase, the MeyGen project will install four 1.5MW turbines offshore and construct the onshore infrastructure to support the project. Three of the turbines will be supplied by Andritz Hydro Hammerfest and one Lockheed Martin-designed turbine supplied by Atlantis. When fully operational, the 398MW tidal array will generate the electricity to power 175,000 Scottish homes by the early 2020s.

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Notes to Editors

For more information, please contact Stephanie Blott on [phone] or email [e-mail] 

About Atlantis (www.atlantisresourcesltd.com)

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Atlantis group holds equity positions in a diverse portfolio of tidal stream development projects, which includes a stake of more than 86% in MeyGen Limited, the company developing the MeyGen project in Scotland.

The MeyGen project is the largest consented tidal stream power project in Europe, and is scheduled to commence generation in H1 2016.

Alongside its project development interests, Atlantis 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 Atlantis group, which is revenue generating, also conducts industrial research and development, and provides specialist consulting services globally.

Atlantis Resources was admitted to AIM on 20 February 2014.

About the MeyGen Project

The MeyGen project is the largest planned tidal development project in the world at 398 megawatts of total installed capacity when fully constructed. Situated in the Pentland Firth, Scotland, the MeyGen array will consist of 269 submerged tidal turbines, enough to power 175,000 Scottish homes.

The construction of the MeyGen tidal array will take place in three stages including:

-      Phase 1A: the first 6MW (4 turbines): Enough to power approximately Scottish 3000 homes

-      Phase 1: the first 86MW (61 turbines in total): Enough to power approximately 42,000 Scottish homes

-      The complete 398 MW (269 turbines): Enough to power approximately 175,000 Scottish homes

In September 2014, Atlantis announced a £51.3 million project finance package for MeyGen, including a mixture of debt, equity and grants from the UK Department of Energy and Climate Change, Scottish Enterprise, The Crown Estate and Highlands and Islands Enterprise for the construction of Phase 1A of the MeyGen project. The Atlantis group retains a holding of more than 86 per cent in MeyGen, and Scottish Enterprise's holding, as a new shareholder, is 13.5 per cent.

 

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