Atlantis Raises Money for World’s Largest Tidal Stream Plant

Oct. 24 (Bloomberg) — Atlantis Resources Ltd. raised 5
million pounds ($8 million) toward construction of the world’s
largest tidal-stream power plant.

The turbine maker raised the money with a placing of 12.5
million new shares at 40 pence each, it said today in an e-mailed statement. The money will be used to fund part of its
contribution toward the 51 million-pound MeyGen project in
Scotland that may achieve a capacity as high as 398 megawatts.

“MeyGen is expected to be the world’s first commercial-scale multi-turbine tidal energy project to come on stream,”
Tim Cornelius, chief executive officer of Atlantis, said in the
statement. “When fully completed, the project is expected to
have 265 turbines submerged on the seabed, generating enough
power for almost 200,000 homes in Scotland.”

The project is also being funded by the U.K. Department of
Energy and Climate Change, the Highlands and Islands Enterprise,
Scottish Enterprise, the Crown Estate and Atlantis itself. It
will be built in phases, with the first expected to have
capacity of about 86 megawatts. It’s expected to start
delivering power to the grid by 2016.

To contact the reporter on this story:
Louise Downing in London at
ldowning4@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Tony Barrett, Randall Hackley

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