Atlantis Resources Limited has raised £2.5 million before expenses through the conditional placing of 5,952,380 new ordinary shares.
Tim Cornelius, CEO of Atlantis , commented: “We are very pleased with the continued support of our shareholders demonstrated through this successful placing. The funds raised will allow us to replicate our success at the MeyGen project and bring other opportunities to fruition around the UK.”
The MeyGen project will have 398 megawatts of total installed capacity when fully constructed. Situated in the Pentland Firth, the MeyGen array will consist of 269 submerged tidal turbines, enough to power 175,000 Scottish homes.
In Phase 1A of the project, four submerged turbines generating 6 MW will be installed in the Inner Pentland Firth just north of Caithness, with first power expected to be delivered in 2016.
Atlantis recently started grid connection cable burial works for the MeyGen project. The company had already completed Horizontal Directional Drilling (HDD) of bore holes from the foreshore into the inner sound and down to the seabed, with subsea exits on all four bore holes.
Each hole is 550 meters in length and will house power cables which will connect the subsea turbines to the onshore Power Conversion Centre, which will take the power generated by the subsea turbines and feed it into the electricity grid.
Image: Atlantis