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Atlantis books £6.5m boost

Scottish tidal developer forecasts 'maiden profit'

Atlantis books £6.5m boost image

Atlantis Resources has raised £6.5m via a share placing as it steps up efforts to reach financial close on the next phases of its MeyGen tidal array in Scotland’s Pentland Firth.

The Edinburgh developer said the cash would be used to bring the 6MW Phase 1B to financial close and to accelerate development of the 74MW Phase 1C to achieve financial close in 2017.

Phase 1B has €17m of European Union NER300 grant funding attached. With the 6MW Phase 1A under construction, the total installed capacity at the site would be 86MW. 

The proceeds are also intended to be used to achieving financial close for the Sound of Islay project on the west coast of Scotland. 

The 10MW project has a grid agreement and consents in place, and €21m of grant funding awarded through the NER300 programme.

Atlantis placed 11,888,460 shares at a price of £0.55 each.

The company also said it expects to book a maiden profit for the year to 31 December 2015 of £2.7m.

"Atlantis is in the process of finalising its financial statements for the year. Draft financial statements show a profit . . . driven by an accounting gain on the acquisition of Marine Current Turbines Limited from Siemens AG in July 2015."

Atlantis chief executive Tim Cornelius said: “Through this successful placing both existing and new shareholders have demonstrated their support for Atlantis, our recent achievements and our ambitions for the future – both in the immediate and longer term.

“We look forward to working with our partners to further the development of the tidal stream industry in the UK and beyond.”

Image: Atlantis Resources' AR1500 tidal turbine (ORE Catapult)

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