London-headquartered Atlantis Resources has locked up €7.7m ($10.5m) from the European Commission (EC) to support roll-out of multiple tidal turbine arrays at its 400MW MeyGen development in the Pentland Firth off northern Scotland.
The funding, awarded
under the Seventh Framework programme for research and technological
development, will underpin design, installation and operation of the company’s
1.5MW AR1500 tidal energy turbines in the 3.5 sq km
Inner Sound project site, where tidal current races through at over
four metres per second.
“The award of this
grant ... will help to catalyse the [tidal] industry’s development, providing a
credible and robust transition pathway from single turbine demonstration units,
to the deployment of multi-hundred turbine arrays in Europe and across the
wider international market,” says Atlantis chief executive Tim Cornelius.
The EC grant comes
on the heels of Atlantis entry onto the London Stock Exchange’s Alternative
Investment Market and £12m initial public offering (IPO).
“Taken with the £12
million that we have raised through IPO, this grant means that the business is
in a strong financial position to deliver its projects,” Cornelius adds
The capital raised
through the IPO is earmarked for the delivery of the first stage of MeyGen – a lead-off 9MW pilot project, planned as a stepping stone to an 86MW array –
as well as for final
detailed design of the AR1500 turbine and a demonstrator project planned off
Installation of the
first six Atlantis turbines at MeyGen would begin early next year, with
switch-on expected to follow “in late 2015 or early 2016”.
Last September, US
military industrial giant Lockheed Martin inked a global partnership deal with Atlantis to bring the latter’s
new 1.5MW turbine system to market, with an eye on deliveries to MeyGen, at the
Force centre on Canada’s Bay of Fundy and India’s Gulf of Kutch.
Atlantis’ 1MW AR1000
turbine, a three-bladed machine standing 22.5 metres tall, weighing 1,500
tonnes and outfitted with an 18-metre-diameter rotor and permanent-magnet
generator, has been put through its paces at the European Marine Energy Centre
in the Scottish Orkney Islands and test-bench trialled at the National
Renewable Energy Centre at Blyth.