Atlantis Resources Limited Wyre Tidal Project
November 21 2017 - 02:02AM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
21 November 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR'). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
21 November 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
Wyre Tidal Project
Atlantis, a global leader in the predictable tidal marine power
generation sector, announces that it has signed heads of terms with
the Duchy of Lancaster for an option for the long-term lease of the
riverbed required to develop the Wyre estuary tidal barrage and
flood protection project (the "Project").
Feasibility studies indicate that the Project's optimal
installed capacity is 160 MW, with forecast production of almost
300 GWh of sustainable energy each year. This would be coupled with
flood protection capabilities and other amenities. It is expected
that the process of obtaining all necessary consents to begin
development will take approximately three years. Atlantis will now
work with the Duchy of Lancaster, the Wyre and Lancashire councils,
local stakeholders, BEIS, the supply chain and investors to
progress the Project. Atlantis will be the lead developer of this
important infrastructure project. Tenders are expected to be issued
early next year and the Company also has commenced discussions with
potential development stage investors and will update the market on
the outcome of these discussions in due course.
Atlantis believes that the Wyre estuary is ideally suited to be
a low cost barrage project and the pathfinder for a series of
similar barrage projects being planned across the UK. In
particular, the Mersey tidal power project, which seeks to leverage
Liverpool's existing waterways, docks and infrastructure to
prioritise green energy, is well advanced. Along with similar
projects being planned in Cardiff and Solway, the Mersey tidal
power project will aim to benefit from the government's devolution
agenda which empowers the new combined authority mayors, or 'metro
mayors', to access the GBP900 million, 30-year investment fund
created to promote projects that will stimulate economic growth in
their regions.
Tim Cornelius, CEO of Atlantis, said:
"We believe our tidal barrage and flood protection project in
the Wyre estuary offers a route to low cost, predictable and
sustainable domestic electricity supply. This is the pathfinder
project the UK government is looking for, with the potential to
facilitate wide-scale development of the UK's enviable tidal range
resources. The development, construction and operation of tidal
barrages, a well understood and proven predictable renewable energy
technology will stimulate local economies across the country,
establishing improved infrastructure and creating job and supply
chain opportunities.
"Tidal barrages will also provide a good balance for the UK's
renewable portfolio which is currently heavily weighted with
intermittent offshore wind.
"We look forward to working with the Duchy of Lancaster, our
partners, investors and supply chain to bring this major
infrastructure project to fruition."
Duchy Head of Project Management and MD of the Foreshore Survey
Graeme Chalk said:
"As a responsible landowner, the Duchy is committed to
encouraging sustainability in all its forms, including the
generation of sustainable energy. The introduction of a tidal
barrage between Fleetwood and Knott End could bring great benefits
to the local economy as well as cheaper, cleaner energy and we look
forward to seeing Atlantis deliver these as the project
progresses."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Andrew Dagley , Chief Financial
Officer
Cantor Fitzgerald Europe
(Nominated Adviser and Joint
Broker) +44 (0)20 7894 7000
Andrew Craig
Richard Salmond
Macquarie Capital (Europe)
Limited (Joint Broker)
Raj Khatri
Nick Stamp +44 (0)20 3037 2000
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Alex Beagley
James Styles
About Atlantis
Atlantis Resources Limited is a vertically integrated project
developer and power generation equipment supplier in the marine
power industry. The Atlantis group holds equity positions in a
diverse portfolio of tidal stream development projects, which
includes a stake of 77% in MeyGen Limited, the company developing
the world's largest tidal stream project in Scotland. In addition,
Atlantis is pursuing a number of marine power project opportunities
in France, South Korea and Indonesia to complement its UK
pipeline.
Atlantis aims to generate revenue from a number of sources:
-- Realising value from its equity ownership positions across a portfolio of projects;
-- Providing origination and development, construction
management and operations management services to marine renewable
project owners and developers;
-- Turbine manufacture, sales and servicing; and
-- Licensing its technology to third party project owners and developers.
Alongside its project development interests, Atlantis owns a
portfolio of patents and patent applications relating to tidal
power generation, and has developed an extensive range of
intellectual property and know-how in a growing global tidal
industry that has the potential to achieve over 120,000MW of
installed capacity.
This information is provided by RNS
The company news service from the London Stock Exchange
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