18th Mar 2014 15:14
LONDON (Alliance News) - Atlantis Resources Ltd Tuesday said it has formally commenced a detailed design and systems integration agreement with Lockheed Martin Corporation.
The newly AIM-listed turbine supplier for the tidal power industry said the agreement is to develop the firm's most advanced tidal turbine.
Atlantis, which joined the AIM market on February 20, is leading development of a number of high profile tidal projects, including the MeyGen project, Europe's largest marine power project, which is expected to deliver up to 398 megawatts of power when fully complete.
The new tidal turbine, the AR1500, is 1.5-megawatts and is designed to be operated in highly energetic tidal locations.
"Our AR1500 development program with Lockheed Martin will ultimately deliver the rapidly growing tidal energy industry the most advanced, robust and powerful tidal turbine system available on the market," Atlantis Chief Executive Tim Cornelius said in a statement.
Atlantis Resources shares were down 4.2% to 84.76 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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