Atlantis Resources secures €7.7 million from European Commission

25th February 2014

AIM listed Atlantis Resources Limited has today announced that it has successfully secured €7.7 million in grant funding from the European Commission’s Seventh Framework Programme for Research and Technological Development.

The EC funding will support deployment of multi tidal-turbine arrays at the business’ MeyGen tidal energy site and will be supported by DHI, Royal HaskoningDHV and the University of Edinburgh. Scheduled to run from 2014, the programme will facilitate the design, installation and operation of the company’s 1.5MW AR1500 tidal energy turbines in the Inner Sound of the Pentland Firth, off the north coast of Scotland.

Tim Cornelius, Atlantis Chief Executive Officer, said: “The award of this grant is a major endorsement of Atlantis, our industry-leading technology, suite of projects and the quality of our management and deployment teams. It will help to catalyse the industry’s development, providing a credible and robust transition pathway from single turbine demonstration units, to the deployment of multi-hundred turbine arrays in Europe and across the wider international market.”

The announcement follows Atlantis’ admission to the Alternative Investment Market of the London Stock Exchange earlier today and its successful initial public offering and associated £12 million placing.

Cornelius explained: “Today’s EC funding announcement caps an exciting, and extremely busy, few months for Atlantis Resources. Taken with the £12 million that we have raised through IPO, this grant means that the business is in a strong financial position to deliver its projects. The capital raised through IPO will go towards the delivery of the first stage of MeyGen, but will also fund the detailed design of the AR1500 turbine with Lockheed Martin and our AR1000 demonstrator project in China.”

Meanwhile Bloomberg reported yet more funding for Antlantis Resources ltd For the Project
Atlantis Resources Corp., a Morgan Stanley-backed maker of tidal turbines, raised 20 million pounds ($33 million) with a European grant, funds from a government institution and an initial public offering in London.

The Singapore-based company raised 12 million pounds by selling about 12.8 million new shares at 94 pence each on London’s Alternative Investment Market, Chief Executive Officer Tim Cornelius said. That values Atlantis at 72 million pounds.

Most investors were London-based institutions, with some from continental Europe, Cornelius said. Morgan Stanley, which had 45.7 percent before the placing, didn’t sell any shares.

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.

PHOTO
1-megawatt AR1000 tidal stream turbine (Copyright Atlantic Resources)