ARL Atlantis Resources

TIDMARL

Atlantis Resources Limited

15 December 2016

15 December 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

Investment decision for Project Stroma - MeyGen Phase 1B

Atlantis is pleased to announce that Stroma Tidal Power Limited ("STPL"), the Company's wholly owned project company behind the next phase of the development at the MeyGen site, has confirmed its investment decision to proceed with the development, which is known as Project Stroma (MeyGen Phase 1B). STPL carried out a competitive tender process for the project construction contracts which has led to the investment decision and enables the project to proceed to construction in 2017.

This next phase of the MeyGen site development is an important step in demonstrating progress to a lower cost of energy for tidal stream. Project Stroma will include larger diameter rotors to capture more energy from the tidal flow, as well as optimised turbine power ratings. Furthermore, Project Stroma will use drilled foundation structures rather than the material intensive gravity foundations used in MeyGen Phase 1A. The turbines will be provided by Marine Current Turbines Limited, which was purchased by Atlantis from Siemens in 2015 in an all-share deal.

Tim Cornelius, CEO of Atlantis, said:

"The lessons we have learned from Phase 1A and the confidence it has given to both us and our supply chain allow us to deliver significant improvements and refinements in this next phase. We believe these improvements will yield more electricity for each pound of investment and represent a material step down our cost reduction curve. STPL has been working towards this investment decision in line with the specified programme for the NER300 fund, which has awarded EUR16.8 million of grant support to Project Stroma."

Enquiries:

 
 Atlantis Resources                  via FTI Consulting 
 Tim Cornelius, Chief Executive 
  Officer 
  Simon Counsell, Chief Financial 
  Officer 
 
                                     +44 (0)20 7418 
 Peel Hunt LLP                        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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December 15, 2016 02:00 ET (07:00 GMT)

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