Atlantis Resources Limited Feed-in Tariff Award in Canada (4084A)
December 22 2014 - 2:00AM
UK Regulatory
TIDMARL
RNS Number : 4084A
Atlantis Resources Limited
22 December 2014
22(nd) December 2014
ATLANTIS RESOURCES LIMITED
("Atlantis" or the "Company")
Atlantis Awarded Feed-in Tariff for 4.5MW of Tidal Generation in
Canada
Atlantis Resources Limited's Canadian subsidiary has been
awarded a Feed-in Tariff for up to 4.5 megawatts of tidal
generation to be deployed at the Fundy Ocean Research Center for
Energy (FORCE) in Nova Scotia, Canada. The Developmental
Feed-In-Tariff award of C$530 (GBP292) per megawatt hour (MWh)
provides revenue support for Atlantis to deploy and operate up to
three state-of-the art AR-1500 turbines at FORCE.
The approval on Friday from the Nova Scotia Government allows
Atlantis' wholly-owned subsidiary Atlantis Operations (Canada)
Limited to enter into negotiations for a 15-year power purchase
agreement with incumbent network operator Nova Scotia Power
Limited, under which it may deploy and operate up to three
state-of-the art 1.5MW AR-1500 turbines at FORCE. The Nova Scotia
Utility and Review Board set the Developmental Feed-in tariff in
November 2013 with the goal of enabling the tidal energy industry
to grow and develop in Nova Scotia. The Nova Scotia Department of
Energy manages the Developmental Feed-in Tariff programme.
The Feed-In Tariff award is the latest in a series of major
developments for Atlantis in Canada. In June 2014, the Company
concluded a C$5 million Grant Agreement with Sustainable
Development Technology Canada (SDTC). In October 2014, Atlantis
signed a Sublease Agreement for a tidal turbine berth at the FORCE
facility, together with a Project Agreement with the Nova Scotia
Department of Energy. Subsea electrical cables were laid at the
FORCE facility in October 2014.
Tim Cornelius, Atlantis CEO, said:
"We are delighted that the Nova Scotia Government has chosen to
make this substantial award to Atlantis. This is another crucial
milestone in our Canadian project plans, following our SDTC grant
award and award of a lease at the FORCE facility earlier in the
year. Having also reached financial close on the first phase of our
MeyGen project in Scotland, we are building momentum on our
projects around the world, realising our goal of bringing cost
effective clean energy to market at commercial scale - on both
sides of the Atlantic."
The Hon. Andrew Younger, Nova Scotia Minister for Energy,
said:
"Tremendous opportunities in the tidal energy sector are opening
up in Nova Scotia and we're contributing to that momentum. We're
committed to ensuring the industry moves forward in an
environmentally responsible and sustainable way."
Under the planned project, Atlantis intends to initially deploy
a single 1.5MW AR-1500 tidal turbine system - enough to power up to
750 local homes. The company intends to open a project office in
Halifax, N.S., in early 2015, with turbine deployment operations
planned for late 2016.
Enquiries:
Atlantis Resources +44 (0)20 3137 3467
London Office
Tim Cornelius, Chief Executive Officer
Duncan Black, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker) +44 (0)20 7418 8900
Daniel Harris
Jock Maxwell Macdonald
Andy Crossley
Euan Brown
FTI Consulting +44 (0)20 3727 1898
Ben Brewerton
Alex Beagley
Stephanie Blott
James Styles
About Atlantis (www.atlantisresourcesltd.com)
Atlantis Resources Limited is a vertically integrated turbine
supplier and project developer in the tidal power industry. The
Atlantis group holds equity positions in a diverse portfolio of
tidal stream development projects, which includes a stake of more
than 86% in MeyGen Limited, the company developing the MeyGen
project in Scotland. The MeyGen project is believed to be the
largest consented tidal stream power project in Europe, and is
scheduled to commence generation in H1 2016.
Alongside its project development interests, Atlantis 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 Atlantis group, which is revenue generating, also
conducts industrial research and development and provides
specialist consulting services globally.
Atlantis Resources was admitted to AIM on 20 February 2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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