Last checked at 3 Jul 2014 11:00
3 July 2014
ATLANTIS RESOURCES LIMITED
("Atlantis" or the "Group")
MeyGen Project Update
London - Atlantis, a vertically integrated equipment supplier and project owner in the tidal power industry, notes the recent press comment (ReNews - 3 July 2014) regarding the Department of Energy & Climate Change's likely participation in the MeyGen Project.
The MeyGen project, which is 100% owned by Atlantis, is located in the Pentland Firth in Scotland and is the largest planned free stream tidal energy project in the world. A 252MW connection has been secured with Scottish Hydroelectric Power Distribution and the National Grid, and all consents have been secured for construction of the 86MW first phase. First power is targeted for 2016 and it is estimated that 42,000 Scottish homes will be powered each year and 122,455 tonnes of CO2 will be offset per annum when the project has been constructed.
The Board of Atlantis continues to work closely with all relevant financing and contracting parties in relation to reaching financial close in relation to the first stage of MeyGen, which is expected shortly.
Further updates will be made as appropriate.
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For further information please contact:
Atlantis Resources Limited | via FTI Consulting |
Tim Cornelius, Chief Executive Officer | |
Duncan Black, Chief Financial Officer | |
N+1 Singer Advisory LLP | +44 (0) 20 7496 3000 |
Andrew Craig / Ben Wright / Alex Wright | |
FTI Consulting Ben Brewerton / Alex Beagley / James Styles | +44 (0) 20 3727 1000 |
About Atlantis Resources
Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Group holds interests 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 MeyGen 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.