The funding will support the deployment of multi tidal-turbine arrays at the company’s MeyGen tidal energy site in Scotland. The programme is scheduled to run from 2014 and is supported by DHI, Royal HaskoningDHV and the University of Edinburgh. It will facilitate the design, installation and operation of 1.5MW AR1500 tidal turbines in the Inner Sound of the Pentland Firth, off the north coast of Scotland.
“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” said Tim Cornelius, Atlantis Chief Executive Officer. “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.”
Mr Cornelius added that the funding, alongside £12 million raised through Initial Public Offering (IPO), places the company in a very strong position from which it can deliver its tidal turbine projects. The IPO revenue will go towards the delivery of the first stage of MeyGen but will also help to fund the detailed design of the AR1500 turbine.
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. Atlantis Resources holds equity positions in a diverse portfolio of tidal stream development projects, including 100 percent ownership of MeyGen Ltd, the company behind the MeyGen project. According to the company’s directors, MeyGen is the largest consented tidal stream power project in Europe, scheduled to commence power production in 2015.
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