ARL.L Share News (ARL)

ARL.L Information

There is currently no data for ARL

REMOVE ADS

Atlantis Resources Signs Canada Joint Venture With DP Energy

Fri, 11th Sep 2015 06:34

LONDON (Alliance News) - Tidal power developer Atlantis Resources Ltd on Friday said it has signed a joint venture with the renewable energy company DP Energy to develop a multi-turbine array at the FORCE facility in Nova Scotia, Canada.

The pair have entered a sale and purchase agreement for the sale of a 50% stake in Atlantis Operations (Canada) Ltd, a subsidiary of Atlantis which holds the lease for the Fundy Ocean Research Centre for Energy in Nova Scotia's Bay of Fundy and which is the beneficiary of a CAD5.0 million Sustainable Development Technology Canada for installation of a tidal stream project at the site.

No financial details were revealed on the deal but Atlantis said the stake has been sold to DP Energy in cash.

"I am pleased to have the opportunity to be working with DP Energy to tap into the opportunities afforded by Nova Scotia's world class resources and supportive regulatory environment. We are always aiming to create value for our shareholders through working with the right partners in technology and project development, and look forward to the contribution that the DP Energy group has to offer to our Canadian operations," said Atlantis Chief Executive Tim Cornelius.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance