The developer of the largest consented tidal power scheme in Europe has raised over £20million in grant funding and a stock market flotation.
Atlantis Resources yesterday announced its successful admission to London’s Alternative Investment Market (AIM), raising £12million from new investors, achieving a market value of £72.1million.
The firm also announced it was awarded a grant worth £6.3million from a European Commission research and technology development fund, which will be earmarked exclusively for the support of the first stage of MeyGen, a development of six tidal energy turbines in the Pentland Firth off the north coast of Caithness.
A further government grant worth £2million has also been secured although the company said it would not yet release details of the source of the funding.
The firm plans to invest £10million in MeyGen scheme, which received planning permission for phase one of the project in September last year.
The firm, which is backed by investment bank Morgan Stanley, said the results of the placing will also be spent on the development of its AR1500 turbine with US aerospace giant Lockheed Martin which will be used in the Pentland Firth.
The group, which emerged in Australia and is now headquartered in Singapore, will also invest funds in a tidal demonstration project in China this year.
Atlantis Resources chairman John Neill said the fundraising was an “important milestone” for the firm.
“Atlantis has the largest and most diversified development pipeline in the industry with projects acorss four continents and a further pipeline of projects in planning in a number of jurisdictions.”
Tim Cornelius, the company’s chief executive, said the business was now in a “strong financial position to deliver its projects”.
“The award of this grant is a major endorsement of Atlantis, our industry-leading technology, suite of projects and the quality of our management and deployment teams.
“It will help catalyse the industry’s development, providing a credible and robust transition pathway from a single turbine demonstration unites, to the deployment of multi-hundred turbine arrays in Europe and across the wider international market.”