Atlantis Resources flex their muscles in continued growth

Posted on April 20th 2016

by Stephen Nicolson

Scottish tidal power firm, Atlantis Resources, has raised £6.5m through a share placing to fund project development work.

It is understood that some of the funds will be used to develop the MeyGen tidal energy scheme located in the Inner Sound of the Pentland Firth.

The second half of the year is expected to bring power production from the scheme.

The west coast of the country is to benefit from the shakeup also as the firm look to achieve “financial close” for its project in the Sound of Islay.

Grant funding to the tune of £16m has been secured for that particular project from a programme headed up by the European Union, as well as the confirmation of consents and a grid agreement.

The flagship MeyGen scheme sees four tidal turbines in an area of the sea between the Scottish mainland and Orkney.

Atlantis has spoken of its desire to eventually expand the turbines to more than 200.

Last month saw Atlantis returning two ‘Agreements for Lease’ to the Crown Estate, one being a plan to develop a tidal project near Kylerhea in Skye.

The decision was taken following an “internal project portfolio and site assessment review” which has led to the decision to prioritise other sites.

CEO of Atlantis, Tim Cornelius, said:

“This strategy will enable us to focus our resources on our most developed sites in order to drive progress and deliver continuous, clean, and predictable supplies of energy, quickly and at scale, to power homes and business throughout the UK and contribute towards the UK’s energy infrastructure needs.

“Due to the abundance of natural resource and a supportive government, Wales remains a jurisdiction of high interest to Atlantis and we will continue to actively seek out commercially and financially viable project development and investment opportunities and would welcome commercial approaches from any developer with commercial scale project locations in Wales.”

For more than a decade, Atlantis has been actively involved in the commercialisation of tidal power technology and the development of tidal power projects around the world.

Through the years it has celebrated a number of significant milestones.

From the early years of developing tidal current turbine prototype designs and concepts to successfully completing the £51.3m financial close of Phase 1A of the MeyGen project.

Atlantis was also awarded a £7.5m contract to deliver Phase 2 of the ETI StreamTec project and significant progress was made with technology partners Lockheed Martin on the development of the 1.5 megawatt AR1500 tidal turbine system.

Intermediate years saw the firm continuing to grow as an industry heavyweight as it opened an office in London to focus on growing its origination and project management business arms in UK and European waters.  By 2009, it had outgrown its project office and opened an additional London office.