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UK Department of Energy & Climate Change announcement on the allocation of Contracts for Difference

ATLANTIS RESOURCES LIMITED

(“Atlantis” or the “Group”)

 

UK Department of Energy & Climate Change announcement on the allocation of Contracts for Difference

London – Atlantis, a vertically integrated equipment supplier and project owner in the tidal power industry, notes the publication of the document titled “Electricity Market Reform: Allocation of Contracts for Difference – The Government response on the use of technology groupings, minima and maxima” on 24th July 2014 by the UK Department of Energy and Climate Change.

The document sets out the proposed budgetary arrangements for renewable energy projects that are eligible to apply for financial support from the UK Government through the Renewables Obligation and the Feed-in Tariff Contract for Difference, for the first “Delivery Plan” period of 2014/5 to 2017/8.

The document confirms that the UK Government will introduce a minimum level of support for 100MW of capacity of wave and tidal stream projects applying for support through these support mechanisms, during the first Delivery Plan period.

Atlantis is the 100% owner of the MeyGen project, which is located in the Pentland Firth in Scotland and is the largest planned free stream tidal energy project in the world. The project will be eligible for financial support through the Renewables Obligation and the Feed-in Tariff Contract for Difference.

Atlantis welcomes this announcement and the statement that “These technologies have the potential to make a significant contribution to our decarbonisation targets and our energy security post-2020 but are in a particularly unique position.”

Further, Atlantis also notes that “the Government believes that wave and tidal stream technologies are the only technologies that warrant a minimum in this Delivery Plan period.”

Further updates will be made as appropriate.

-Ends-

For further information please contact:

Atlantis Resources   Limited

via FTI Consulting

Tim Cornelius, Chief Executive Officer

 

Duncan Black, Chief Financial Officer

 

 

 

Peel Hunt LLP (Nominated   Adviser and Broker)

+44 (0) 20 7418 8900

Daniel Harris / Andy Crossley

 

 

 

FTI Consulting (Media and   PR)

Ben Brewerton / Alex Beagley / James Styles

+44 (0) 20 3727 1000