Atlantis Resources Limited Strategic Partnership Agreement with Hyundai
May 12 2017 - 3:13AM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
12 May 2017
12 May 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
Strategic Partnership Agreement with Hyundai
Atlantis, a global leader in the tidal power generation sector,
announces that it has signed a Strategic Partnership Agreement
("SPA") with South Korean offshore construction giant Hyundai
Engineering & Construction Co., Ltd ("Hyundai") regarding
collaborating on the development of ocean power renewable projects
globally. The particular focus for the collaboration is on the
development of the domestic tidal stream market in South Korea and
internationally as well as tidal range and floating offshore wind
projects.
Hyundai is a major construction company specialising in plant
construction, power plant facilities construction, building works,
nuclear power plant construction, civil and environment works
including infrastructures such as land development, marine and
dredging works, highways, bridges, railways and water
resources.
Although the SPA is global and wide-reaching the initial
objectives are to:
-- initiate the design and development of a 100MW tidal stream project in the south of Korea;
-- progress the design, development and delivery of tidal stream
projects Atlantis is pursuing in South East Asia, such as Indonesia
and the Philippines;
-- design cost effective foundations for tidal stream and offshore wind turbines; and
-- explore opportunities to partner on the construction of tidal
range (barrage and lagoon) projects globally.
Tim Cornelius, CEO of Atlantis, commented:
"We are delighted to enter into this agreement with such a
highly respected, substantial and experienced company like Hyundai
E&C. We have very complementary skills and experience in the
marine power sector. Hyundai is seeking to expand into the
construction of offshore energy projects in South East Asia and
abroad, while Atlantis requires construction partners to build out
our portfolio of tidal power projects in South East Asia. We want
to leverage Hyundai's expertise to accelerate existing projects and
to secure additional capacity both in the region and globally."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
+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
NRAOKBDKOBKKOPD
(END) Dow Jones Newswires
May 12, 2017 03:13 ET (07:13 GMT)
Atlantis (LSE:ARL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Atlantis (LSE:ARL)
Historical Stock Chart
From Sep 2023 to Sep 2024