Atlantis Resources Limited Atlantis to establish new internal division (8491T)
January 11 2017 - 2:00AM
UK Regulatory
TIDMARL
RNS Number : 8491T
Atlantis Resources Limited
11 January 2017
11 January 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
Atlantis to establish new internal division to expand its
offerings
into non-tidal stream project development
Atlantis Resources, a global leader in the tidal power sector,
is pleased to announce that it is establishing a new internal
division as part of its diversification strategy which will
leverage the existing skill set the Company has accumulated during
the progression of MeyGen, the world's largest tidal power
project.
Atlantis Energy, as the new division will be known, will
initially focus 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. While the division will have a global remit, Atlantis Energy
will initially focus on several near-term opportunities in the
United Kingdom and Europe.
The new division will be based in the Company's Edinburgh
headquarters and 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. It is expected that Atlantis Energy
will be operational by the end of Q1 2017.
Tim Cornelius, CEO of Atlantis, commented:
"We have developed an exceptional project origination and
development team at Atlantis over the past 10 years. The lessons
learned and the skills developed during the progression of MeyGen
and our entire tidal portfolio have a direct application in power
projects that involve water, especially salt water. 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. We have been scouring the UK, Europe and Asia for
development and investment opportunities and we have already
commenced due diligence on a short list of potential projects. We
hope to be able to present these investment opportunities to a
select group of infrastructure funds in H1 2017.
"These markets are natural extensions for our existing skill set
and few companies outside of offshore wind have the same level of
experience in designing, planning and delivering power projects
that require subsea cable installation and maintenance, offshore
marine construction, marine licensing and consenting, environmental
monitoring and reporting, grid connection and, of course,
financing. It is also an opportune time for us to offer our
services and skills to governments, fund managers, utilities and
private developers to help them achieve success within their own
development portfolios.
"This is a very exciting time for Atlantis, building on the
success of MeyGen Phase 1A and the recent announcement of FID being
reached on Project Stroma (Phase 1B). This will not dilute our
focus on the delivery of low cost, reliable and predictable tidal
power generation from our large portfolio of tidal stream projects.
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."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0)20 7418
and Broker) 8900
Adrian Trimmings
Jock Maxwell Macdonald
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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