Atlantis, RusHydro Team Up for Australian Tidal Energy Market

Atlantis Resources Limited, the AIM-listed vertically integrated turbine supplier and project owner in the tidal power industry, and JSC Lenhydroproject (a 100%-owned subsidiary of RusHydro) have signed a Memorandum of Understanding about cooperation on prospective tidal power projects in Australia.

Under the Memorandum the parties will identify prospective tidal power projects in Western Australia for construction using tidal range orthogonal turbines – a unique innovative development of RusHydro, and will undertake a feasibility study for these projects.

According to the Australian Government’s Geosciences Department, Western Australia has locations off its coast where the average tidal (kinetic) power in water depths less than or equal to 50m exceeds 6.1 kilowattsper square metre (kW/m2), enough to power up to six Australian homes for every square metre of resource harnessed, considerably higher than in many other tidal projects.

The parties have already started water and energy calculations, to identify capacity and annual output, on one of the prospective projects. During 2014, an application for funding for the project will be submitted by Atlantis to Clean Energy Finance Corporation in Australia (CEFC).

Vladimir Pekhtin, Deputy Chairman of RusHydro and General Director of Lenhydroproject, said:

“Our cooperation with Atlantis is an important step in promoting worldwide innovative technologies developed by RusHydro such as our orthogonal turbine. The world’s interest in tidal energy is increasing every year, as well as the need for advanced technical solutions allowing tidal power to compete in the energy market.”

Tim Cornelius, Chief Executive of Atlantis, said:

“This MoU, coming hard on the heels of our recently announced collaboration with Dongfang, is further validation of Atlantis’ leading position in the emerging tidal power market in a geography which we know well. In addition to the portfolio of development projects that Atlantis has established in recent years, we also are now positioned to play an active role in the opening up of two high potential tidal power markets: China and Western Australia.”

Press Release, May 06, 2014; Image: atlantis

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