Atlantis Resources diversifies into new waters

(ShareCast News) - Atlantis Resources, an AIM listed turbine supplier and project owner in the tidal power industry, has announced that it is establishing a new internal division called Atlantis Energy as part of its diversification strategy.The division is set to leverage the existing skill set the company has accumulated during the progression of MeyGen, the world's largest tidal power project.The focus will initially be on opportunities to develop subsea interconnectors, tidal barrage projects, tidal lagoon projects, floating offshore wind opportunities and pumped storage projects on behalf of infrastructure funds, investment banks and private developers who are looking to invest in renewable and grid related projects in the UK.Atlantis Energy, which will be based in the company's Edinburgh headquarters, will offer origination, development and project management services to infrastructure funds, banks and private developers seeking to use Atlantis's expertise to help develop their own project portfolios and is expected to be operational by the end of the first quarter of 2017.Chief executive Tim Cornelius said the company has been looking for development and investment opportunities in the UK, Europe and Asia and have already commenced due diligence on a shortlist of potential projects, which the management hope to present to a select group of infrastructure funds in the first quarter of 2017."We are aiming to establish ourselves as one of the world's leading developers of wet renewables, and to be the partner of choice for infrastructure funds seeking to invest in interconnectors, tidal barrage, pumped storage, floating offshore wind and, of course, tidal stream projects," said Cornelius."Atlantis has made great strides over the last twelve months and diversifying into aligned areas will allow us to grow our company in partnership with investors who want to access our unique energy development experience and expertise," he added.The share price rose 4.57% to 54.40p at 0946 GMT on Wednesday.