Atlantis Looks to Raise GBP 20 Million

Singaporean tidal energy firm, Atlantis Resources is looking to cash in GBP 20 million on the London stock exchange, writes Green Wise news site.

This would raise the total value of the company to GBP 80 million.

The company recently appointed John Neill CBE as Non-Executive Chairman, on which occasion Tim Cornelius, CEO of Atlantis Resources, commented: “John’s input will be especially valuable as we review options for the next stage of development, which include a potential listing in London.”

Around GBP 10 million of raised money will be used for the first phase of tidal energy project MeyGen, located in the Pentland Firth.

Last year in December, Atlantis Resources acquired 100% ownership of this 86MW project, which could produce enough electricity to power 42,000 Scottish homes each year.

The commissioning of MeyGen is expected in the second half of 2015.

Offshore WIND staff, January 28, 2014; Image:meygen