Atlantis Resources has secured grant funding totaling €7.7 million from the European Commission to support the deployment of multi tidal-turbine arrays at the MeyGen tidal energy site off the coast of Scotland.
The funding comes from the EC’s Seventh Framework Programme for Research and Technological Development and will facilitate the design, installation and operation of the company’s 1.5MW AR1500 tidal energy turbines in the Inner Sound of the Pentland Firth. The project is supported by DHI, Royal HaskoningDHV and the University of Edinburgh.
“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," said Tim Cornelius, Atlantis Chief Executive Officer. "It will help to catalyse the industry’s development, providing a credible and robust transition pathway from single turbine demonstration units, to the deployment of multi-hundred turbine arrays in Europe and across the wider international market."
The announcement follows Atlantis’ admission to the Alternative Investment Market of the London Stock Exchange yesterday and its successful initial public offering and associated £12 million placing. The capital raised through IPO will go towards the delivery of the first stage of MeyGen, but will also fund the detailed design of the AR1500 turbine with Lockheed Martin and the AR1000 demonstrator project in China.
Photo: MeyGen project site. Courtesy www.meygen.com
