6th May 2014 10:26
LONDON (Alliance News) - Atlantis Resources Ltd, the turbine supplier and project developer in the tidal power industry, Tuesday revealed a strategic alliance with JSC Lenhydroproject, a RusHydro subsidiary, which will see the two companies work together on prospective tidal power projects in Australia.
Under a memorandum of understanding, the companies will identify prospective tidal power projects in Western Australia for construction and undertake a feasibility study for these projects.
The companies have already started water and energy calculations, to identify capacity and annual output, on one of the prospective projects, according to Atlantis.
During 2014, an application for funding for the project will be submitted by Atlantis to Clean Energy Finance Corporation in Australia, Atlantis said.
"This memorandum of understanding, 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," Tim Cornelius, Chief Executive, said in a statement.
"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," Cornelius added.
Last month Atlantis Resources said it expanded its strategic partnership with Dongfang Electrical Machinery Co Ltd, so that it can test onshore tidal turbines in Hangzhou in China.
Atlantis Resources shares were Tuesday quoted at 66.00 pence, flat.
By Samuel Agini; [email protected]; @samuelagini
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