Atlantis Resources Limited,a vertically integrated turbine supplier and project owner in the tidal power industry, has announced that it has raised approximately £12 million from its successful initial public offering via the placing of 12,765,957 new shares on the London Stock Exchange's Alternative Investment Market.
The total number of Ordinary Shares in issue at Admission is 76,704,200, giving the Group a market capitalisation of £72.1 million at the Placing Price.
The Group said it intends to use the net proceeds of the Placing to fund its contribution towards the delivery of the first stage of MeyGen, the detailed design of the AR1500 turbine with Lockheed Martin and and to prepare its AR1000 turbine for deployment in a demonstration project in China.
John Neill, Non-Executive Chairman of Atlantis Resources Limited commented:
“This fundraising and admission to AIM marks an important milestone for Atlantis and provides funding for development of the Group’s cornerstone MeyGen Project in Scotland, the world’s largest tidal energy power project. We were delighted to secure more than £8 million in non-dilutive funding during the course of the road show, which in combination with the Placing exceeds our planned target raise of £20 million.
Atlantis has the largest and most diversified development pipeline in the industry with projects across four continents, and a further pipeline of projects in planning in a number of jurisdictions.
€7.7 million grant secured from European Commission
The AIM listed firm has also successfully secured €7.7 million in grant funding from the European Commission’s Seventh Framework Programme for Research and Technological Development. The EC funding will support deployment of multi tidal-turbine arrays at the business’ MeyGen tidal energy site and will be supported by DHI, Royal HaskoningDHV and the University of Edinburgh.
Scheduled to run from 2014, the programme will facilitate the design, installation and operation of the company’s 1.5MW AR1500 tidal energy turbines in the Inner Sound of the Pentland Firth, off the north coast of Scotland.
Tim Cornelius, Atlantis Chief Executive Officer, said that taken with the £12 million raised through the IPO, the grant means that the business is in a strong financial position to deliver its projects.
The Group holds equity positions in a diverse portfolio of tidal stream development projects, which includes 100 per cent. ownership of MeyGen Limited, the company developing the MeyGen Project in Scotland. The MeyGen Project is believed to be the largest consented tidal stream power project in Europe, and is scheduled to commence power production in 2015.The Group is in discussions with The Crown Estate, the Department of Energy and Climate Change and the Scottish government for the delivery of the MeyGen Project.
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