26th Feb 2014 10:50
LONDON (Alliance News) - Atlantis Resources Ltd Wednesday noted confirmation that it has secured GBP2 million in funding from the UK Renewable Energy Investment Fund.
The newly AIM-listed turbine supplier for the tidal power industry said Scottish Energy Minister, Fergus Ewing had confirmed the funding at Renewable UK's Wave and Tidal conference in Belfast.
The company said the funding will be used to help establish a global engineering and project management hub in Scotland, which will be based in Edinburgh and will host at least 20 employees once fully operational.
Atlantis is leading development of a number of high profile tidal projects, including the MeyGen project, Europe's largest marine power project, which will deliver up to 398 megawatts of power when fully complete.
The company said the MeyGen project will use its new AR1500 1.5 megawatt tidal stream turbines, which will be installed to the site in phases.
Atlantis Resources shares were down 0.7% to 94.83 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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