Atlantis Resources Limited EUR17m EC Funding Secured for Project Stroma (4595C)
October 16 2015 - 2:00AM
UK Regulatory
TIDMARL
RNS Number : 4595C
Atlantis Resources Limited
16 October 2015
16 October 2015
ATLANTIS RESOURCES LIMITED
("Atlantis" or the "Company")
EUR17m EC Funding Secured for Project Stroma
Project Stroma financial close and commencement of construction
expected in 2016
Atlantis, a global leader in the tidal power sector, is pleased
to announce that the European Commission's Climate Change Committee
has approved the transfer of EUR17 million of funding from the Kyle
Rhea project to Atlantis's MeyGen project, the world's largest
planned tidal stream energy project.
The funding is for MeyGen Phase 1B ("Project Stroma") and will
accelerate the development of the MeyGen project, with this second
phase targeted to reach financial close and commence construction
during 2016.
The EUR17 million funding was originally awarded to the Kyle
Rhea project, a tidal stream array project between the Isle of Skye
and the west coast of Scotland, being developed by the Marine
Current Turbines group ("MCT"). MCT was acquired by Atlantis from
Siemens AG in an all share deal in July 2015.
Following completion of the MCT acquisition, Atlantis applied to
the European Commission, with the assistance of the member state,
Scotland, to have this funding transferred from the Kyle Rhea
project to Project Stroma, which enables the funding to be retained
for the benefit of a more advanced Scottish tidal energy
project.
The first tranche of EUR10 million will be made available on 1
April 2016. The maximum funding available is EUR16,777,548. The
funding comes from the NER 300 programme which supports innovative
renewable energy technologies.
Tim Cornelius, CEO of Atlantis, commented:
"Construction of MeyGen Phase 1A continues apace with first
generation scheduled for next year. The Phase 1B funding announced
today will accelerate the rate of development at the MeyGen site
and we expect to commence construction of Project Stroma before the
end of 2016. These developments further underline the benefits of
the MCT acquisition.
"The EC's continued support for tidal power via the MeyGen and
the Sound of Islay projects underlines Scotland's position as the
world's leading tidal power region and reflects the strong support
the industry has received from the Scottish government."
For further information please contact:
Atlantis Resources Limited via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Peel Hunt LLP (Nominated Adviser +44 (0) 20 7418
and Broker) 8900
Daniel Harris / Jock Maxwell MacDonald
+44 (0) 20 3727
FTI Consulting 1898
Ben Brewerton / Alex Beagley /
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
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