ARL Atlantis Resources

TIDMARL

RNS Number : 5955T

Atlantis Resources Limited

09 January 2017

9(th) January 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

Award of EUR20.3m H2020 grant from European Commission

Atlantis, a global leader in the tidal power sector, is pleased to announce the award of EUR20.3m in Horizon 2020 grant funding from the European Commission for the DEMOTIDE project, which will design, build and operate a 6MW turbine array, MeyGen Phase 1B, in the Inner Sound of the Pentland Firth in northern Scotland.

MeyGen Phase 1B, also known as Project Stroma, will commence construction in 2017 and first power is expected in 2018. It will be built adjacent to the existing 6MW MeyGen Phase 1A project, which delivered first power to the grid in November last year. Together, Phases 1A and 1B complete the foundation for full scale build out at the site, which has an awarded seabed lease for almost 400MW of installed capacity.

The DEMOTIDE consortium consists of:

-- Leading technology supplier Marine Current Turbines (an Atlantis company), which is based in the UK;

-- DEME, comprising DEME Blue Energy and GeoSea, a world leader in marine operations and owner of a versatile fleet of construction vessels based in Belgium;

-- INNOSEA, an independent engineering firm based in France which provides technical expertise and multidisciplinary engineering services to the marine renewable energy industry; and

-- Queen's University Belfast, Northern Ireland, who have been at the forefront of marine renewable energy research for over 30 years.

The DEMOTIDE project will demonstrate the technical and commercial viability of drilled foundation systems and larger rotor diameter turbines, further de-risking the industry and providing a robust path to significant cost reduction in the European tidal power sector.

Atlantis CEO, Tim Cornelius, said: "The DEMOTIDE project is the next significant step in delivering cost effective, reliable tidal stream generation for Europe. MeyGen is the world's most high profile tidal stream project and we are delighted to be working with the European Commission and this world leading consortium of marine renewable energy experts to ensure that Europe remains at the forefront of tidal power knowledge creation. This project will help the tidal stream industry demonstrate reductions in the price per unit of electricity by increasing the energy yield per pound of investment. DEMOTIDE will set tidal on a path to cost parity with offshore wind by 2020."

General manager of DEME Blue Energy, Joury Van Gijseghem, said: "We are delighted to be involved in this world leading project, which allows us to build on GeoSea's successful installation of the MeyGen Phase 1A foundations and all our work in the offshore wind sector. The DEMOTIDE project will open up opportunities for commercial scale tidal power development right across Europe and we believe that GeoSea will play an important role in the roll-out of tidal power across Europe for many years to come."

INNOSEA Marine Engineering CEO, Hakim Mouslim, said: "MeyGen has set the pace for commercial tidal power plants development and we are eager to use our engineering experience for the next phase of this world leading tidal stream project. INNOSEA will be bringing additional engineering and operational support strength to the DEMOTIDE consortium with an objective of making tidal energy costs more competitive within the offshore renewables market."

Lead project investigator for Queen's University Belfast (QUB), Dr. Shane Donohue, said: "We are delighted to be part of the DEMOTIDE project, which has the potential to transform the tidal energy industry through demonstrations of the technical and commercial feasibility of tidal energy systems. QUB will be involved with monitoring of the system's performance and will ensure that DEMOTIDE's findings are widely disseminated."

Enquiries:

 
 Atlantis Resources                         via FTI Consulting 
 Tim Cornelius, Chief Executive Officer 
 Simon Counsell, Chief Financial Officer 
 
 
   Peel Hunt LLP (Nominated Adviser and 
   Broker)                                    +44 (0)20 7418 8900 
 Adrian Trimmings 
  Jock Maxwell Macdonald 
  Euan Brown 
 
 FTI Consulting                             +44 (0)20 3727 1000 
 Ben Brewerton 
  Alex Beagley 
  James Styles 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBIGDBGGGBGRL

(END) Dow Jones Newswires

January 09, 2017 02:00 ET (07:00 GMT)

Atlantis (LSE:ARL)
Historical Stock Chart
From Mar 2024 to Apr 2024

Atlantis (LSE:ARL)
Historical Stock Chart
From Apr 2023 to Apr 2024