Interim Results for period ended 30 June 2014

ATLANTIS RESOURCES LIMITED

 (“Atlantis” or the “Company”)

Atlantis, owner of the world’s largest planned tidal stream energy project, MeyGen Limited (“MeyGen”), is pleased to announce its Interim Results for the six months to 30 June 2014. Click here to download the full report.

Highlights

MeyGen Project

• In September, MeyGen achieved financial close of a £51 million funding package for delivery of the first 6MW stage of the project, Phase 1A.  The funding syndicate includes Atlantis, the UK government’s Department of Energy & Climate Change, The Crown Estate, Scottish Enterprise (through the Renewable Energy Investment Fund), and Highlands and Islands Enterprise
• MeyGen has also entered into supply and construction contracts for Phase 1A, including turbine supply contracts with Atlantis and Andritz Hydro Hammerfest (UK) Limited for a total of four 1.5MW tidal turbines

Turbine Technology

• In March, Atlantis and Lockheed Martin Corporation formally commenced the AR1500 turbine detailed design programme, which is due for completion at the end of the year.  This includes the systems integration scope for all the turbine sub-assemblies
• During March, Atlantis also completed a consulting contract for Carnegie Wave Energy Ltd for initial analysis of array configurations to reduce cost of energy, and has agreed a second phase of work which is now underway

 

Other Projects

• Atlantis continues to work with Lockheed Martin Corporation and the Fundy Ocean Research Centre for Energy in pursuit of development opportunities in Canada
• Atlantis has reached agreement with the Energy Technologies Institute for commencement of the £7.5 million Phase 2 of the Tidal Energy Converter project, which will involve detailed design and demonstration of the innovative concepts identified in Phase 1

 

Corporate

• In February, Atlantis successfully completed its listing and initial public offering on AIM, raising £12 million
• Also in February, Atlantis announced that it had been awarded €7.7 million for the development of a multi-turbine array using Atlantis’ AR1500 turbine at the MeyGen site, following a grant application to the European Commission’s Seventh Framework Programme during 2013
• In July, Atlantis formally opened its new Edinburgh office, from which it will deliver the MeyGen project and build a projects and engineering hub.  This has been supported through a £2 million loan from Scottish Enterprise, through its Renewable Energy Investment Fund

 

Tim Cornelius, Chief Executive of Atlantis, said:

“The first half of 2014 was a very busy period for Atlantis with our successful admission to AIM raising £12m from investors in February. 

“Post the period end, on 18 September 2014, the most significant milestone in Atlantis’ history was reached when the MeyGen project reached financial close on a £51m funding package.  This is a great achievement for the company and marks the significant time and effort that has been invested by the company and its partners.  The outlook for Atlantis remains strong and the Board looks to the future with confidence.”

 

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	+44 (0) 20 3727 1000
Ben Brewerton / Alex Beagley / Stephanie Blott / James Styles