Up to half of the money raised through the initial public offering will fund the first phase of the MeyGen project off the coast of Caithness. MeyGen, which Atlantis acquired a 100 per cent stake in last November, is the first commercial tidal energyto be deployed off the Scottish coast and is the largest tidal array proposal in Europe. Atlantis has permission to deploy 86 devices in Phase One, enough to generate power for 42,000 homes, and is scheduled to begin initial power production in 2015. Eventually, Atlantis hopes to install enough capacity to generate 400 MW of electricity – enough to power around 400,000 homes.
Atlantis and British company Marine Current Turbines are already world leaders in developing tidal stream devices and the UK Government believes Britain has the potential to be global leader in the sector and is offering tidal energy developers nearly double the amount of financial support under its new ‘strike price’ system than that being offered to offshore wind developers. Tidal projects will receive £305 per megawatt hour (MWh), compared to £155 per MWh for offshore wind.
“Atlantis, especially through its 100 per cent ownership of the MeyGen project in Scotland, is a significant player in the industry.”
Story from: http://greenwisebusiness.co.uk/news/tidal-energy-firm-atlantis-looks-to-raise-20m-on-aim-4209.aspx#.UtTnZPulvIU