Atlantis Resources, the company behind the ground-breaking MeyGen tidal power project off the Scottish coast, has reported its first profit with its chief executive hailing the firm’s “amazing progress” during 2015.
Meygen is on track to deliver first power from its tidal turbines in the Pentland First later this year.
In its annual results for 2015, Atlantis confirmed it generated a maiden profit of (Sinapore) $4.3million, largely as a result of the gain from the acquisition of Marine Current Turbines from Siemens in the first half of 2015.
The group’s cash position at 31 December 2015 was S$25.6 million including S$16.5 million held at MeyGen.
Net assets increased to S$120.8 million over the year from S$98.0 million.
In August 2015 Atlantis raised £2.5 million from new and existing shareholders to fund project development activities across the Atlantis portfolio and to secure opportunities for growth.
Last month Atlantis agreed a deal with fund managers Equitix to advance Atlantis’s portfolio of tidal power projects in Scotland, which represent a combined potential capacity of almost 650MW and will see Equitix acquiring at least 25% of each Atlantis project vehicle at financial close of that project.
Atlantis also raised approximately £6.5 million before expenses from new and existing shareholders to fund project development activities across the Atlantis project portfolio and working capital.
It also announced that it has entered into a memorandum of understanding with subsea and renewables developer SBS to establish a joint venture to develop a 150MW tidal stream site in Indonesia.
Chief executive Tim Cornelius, said: “2015 has been a year of amazing progress for Atlantis culminating in the company’s maiden profit.
“I am pleased that we have been able to make great strides in furthering the development of the tidal stream industry in the UK and beyond.”
“We have started 2016 where we left off in 2015 and the announcement of our partnership agreement with Equitix represented a major turning point in the transition from demonstration projects to the deployment of commercial scale arrays.”
“There is no doubt that 2016 will be an exciting year for the Company and its shareholders as well as the wider tidal sector, as our flagship MeyGen project delivers first power to the grid.”