29th Oct 2014 09:27
LONDON (Alliance News) - Atlantis Resources Ltd on Wednesday said it has signed a ten-year seabed sublease with the Nova Scotia-based Fundy Ocean Research Center for Energy.
Atlantis did not provide any financial details on the agreement, but said the sublease had been granted following the conclusion of a CAD5 million grant agreement with Sustainable Development Technology Canada and project agreement signed with the Nova Scotia Department of Energy earlier this month.
The sublease will give Atlantis a berth for tidal turbine deployment in the Bay of Fundy. Subsea electrical cables are in the process of being laid at each of the four berths, providing offtake capacity to the research centre's onshore substation.
The company intends to deploy a single 1.5 megawatt AR-1500 tidal turbine system initially. It will open a project office in Halifax in early 2015 and is targeting turbine deployment operations in late 2016.
"We are very pleased to have concluded agreements with FORCE and the Nova Scotia Department of Energy, securing a berth to deploy tidal stream turbines and deliver clean predictable power to the residents of Nova Scotia. Canada in general, and the Bay of Fundy in particular, offer world class tidal energy resource to which our turbine technology is ideally suited," said Atlantis Chief Executive Tim Cornelius.
Atlantis Resources shares were up 0.4% to 40.65 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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