Last checked at 21 Nov 2017 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
21 November 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
Wyre Tidal Project
Atlantis, a global leader in the predictable tidal marine power generation sector, announces that it has signed heads of terms with the Duchy of Lancaster for an option for the long-term lease of the riverbed required to develop the Wyre estuary tidal barrage and flood protection project (the "Project").
Feasibility studies indicate that the Project's optimal installed capacity is 160 MW, with forecast production of almost 300 GWh of sustainable energy each year. This would be coupled with flood protection capabilities and other amenities. It is expected that the process of obtaining all necessary consents to begin development will take approximately three years. Atlantis will now work with the Duchy of Lancaster, the Wyre and Lancashire councils, local stakeholders, BEIS, the supply chain and investors to progress the Project. Atlantis will be the lead developer of this important infrastructure project. Tenders are expected to be issued early next year and the Company also has commenced discussions with potential development stage investors and will update the market on the outcome of these discussions in due course.
Atlantis believes that the Wyre estuary is ideally suited to be a low cost barrage project and the pathfinder for a series of similar barrage projects being planned across the UK. In particular, the Mersey tidal power project, which seeks to leverage Liverpool's existing waterways, docks and infrastructure to prioritise green energy, is well advanced. Along with similar projects being planned in Cardiff and Solway, the Mersey tidal power project will aim to benefit from the government's devolution agenda which empowers the new combined authority mayors, or 'metro mayors', to access the £900 million, 30-year investment fund created to promote projects that will stimulate economic growth in their regions.
Tim Cornelius, CEO of Atlantis, said:
"We believe our tidal barrage and flood protection project in the Wyre estuary offers a route to low cost, predictable and sustainable domestic electricity supply. This is the pathfinder project the UK government is looking for, with the potential to facilitate wide-scale development of the UK's enviable tidal range resources. The development, construction and operation of tidal barrages, a well understood and proven predictable renewable energy technology will stimulate local economies across the country, establishing improved infrastructure and creating job and supply chain opportunities.
"Tidal barrages will also provide a good balance for the UK's renewable portfolio which is currently heavily weighted with intermittent offshore wind.
"We look forward to working with the Duchy of Lancaster, our partners, investors and supply chain to bring this major infrastructure project to fruition."
Duchy Head of Project Management and MD of the Foreshore Survey Graeme Chalk said:
"As a responsible landowner, the Duchy is committed to encouraging sustainability in all its forms, including the generation of sustainable energy. The introduction of a tidal barrage between Fleetwood and Knott End could bring great benefits to the local economy as well as cheaper, cleaner energy and we look forward to seeing Atlantis deliver these as the project progresses."
Enquiries:
Atlantis Resources | via FTI Consulting |
Tim Cornelius, Chief Executive Officer Andrew Dagley , Chief Financial Officer | |
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) | +44 (0)20 7894 7000 |
Andrew Craig Richard Salmond | |
Macquarie Capital (Europe) Limited (Joint Broker) Raj Khatri Nick Stamp | +44 (0)20 3037 2000 |
FTI Consulting | +44 (0)20 3727 1000 |
Ben Brewerton Alex Beagley James Styles |
About Atlantis
Atlantis Resources Limited is a vertically integrated project developer and power generation equipment supplier in the marine power industry. The Atlantis group holds equity positions in a diverse portfolio of tidal stream development projects, which includes a stake of 77% in MeyGen Limited, the company developing the world's largest tidal stream project in Scotland. In addition, Atlantis is pursuing a number of marine power project opportunities in France, South Korea and Indonesia to complement its UK pipeline.
Atlantis aims to generate revenue from a number of sources:
● Realising value from its equity ownership positions across a portfolio of projects;
● Providing origination and development, construction management and operations management services to marine renewable project owners and developers;
● Turbine manufacture, sales and servicing; and
● Licensing its technology to third party project owners and developers.
Alongside its project development interests, Atlantis owns a portfolio of patents and patent applications relating to tidal power generation, and has developed an extensive range of intellectual property and know-how in a growing global tidal industry that has the potential to achieve over 120,000MW of installed capacity.