26th Aug 2014 07:49
LONDON (Alliance News) - Atlantis Resources Ltd Tuesday said it has been awarded a GBP7.5 million two-year contract with the UK's Energy Technologies Institute to deliver a multi-turbine foundation structure which will support a further two turbines at the Atlantis-owned MeyGen tidal stream array in the Pentland Firth, Scotland.
The agreement with ETI marks the start of the second phase of the ETI tidal energy converter project. The second phase will see two Atlantis-owned 1.5 megawatt commercial tidal energy turbines installed on a foundation structure designed and built as part of the ETI-funded project. According to Atlantic, the project was negotiated separately to its recently funded 6 megawatt tidal turbine array at the MeyGen site.
It will increase the number of turbines at the site from four to six and the rated capacity of the tidal array from 6 megawatt to 9 megawatt, enough to power 4,500 local homes, Atlantis said.
The second phase of the project will run over three stages, Atlantis said. These will begin with detailed design, fabrication and installation of the turbine foundation structure and associated technologies. Atlantis will be responsible for turbine supply and electrical connection to the local grid.
"The ETI funded technologies to be designed and built as part of this project have the potential to substantially reduce the cost of energy of installed commercial turbines - improving the economics of tidal energy as part of the UK's energy mix," Chief Executive Tim Cornelius said in a statement.
Atlantis shares were Tuesday quoted up 4.7% at 51.80p.
By Samuel Agini; [email protected]; @samuelagini
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