Atlantis Resources Corporation a developer of electricity-generating tidal current turbines, has completed $14 million in fundraising.
New investor, Statkraft–a Norwegian-based generator of renewable energy–led the investment round, joining existing shareholders, including Morgan Stanley (NYSE: MS).
Nicolai Gedde, Vice President Marine Energy of Statkraft said: “Our investment in Atlantis is consistent with Statkraft’s commitment to supporting new technologies which we believe will become important parts of the energy mix.”
Atlantis is currently working on a project to power a datacentre using tidal current turbines deployed offshore in Scotland’s Pentland Firth.
In December 2008, Atlantis signed an energy generation agreement with CLP, increasing Atlantis’ project pipeline to megawatts (MW).
Timothy Cornelius, CEO of Atlantis: “We are delighted to be working with Statkraft, a strategically important player in European renewable energy. We share a vision to develop and promote the European tidal power market and will work closely together towards commercial-scale deployments.”
Separately, Cornelius provided an update on Atlantis’ activities in Asia Pacific: “During March 2009, we concluded trials of our unique new bi-directional blades on the Solon™ deep water turbine. The tests, conducted at Bell Bay in Tasmania were the most extensive and intensive ever undertaken by the Company and are intended to further validate the world leading performance of the Solon™ turbine and to demonstrate the viability of the bi-directional blades, a critical technical innovation.”
Atlantis Resources Corporation has offices in London, Singapore and Sydney. The company is developing both shallow- and deep-water turbine systems for energy generation.
The commercial launch of a 2MW Solon™ deep-water turbine is expected in summer 2009.
Also in 2008, Atlantis deployed its latest Nereus™ turbine in a shallow-water location near Melbourne, Australia. Nereus™ has now been grid-connected and operational for over 9 months, Atlantis said.
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