Atlantis Resources, owner of MeyGen Limited, the world’s largest planned tidal stream energy project, has announced its Interim Results for the six months to 30 June 2014.

The group significantly strengthened its balance sheet over the six months to 30 June 2014 as a result of the funds raised from its initial public offering as well as the conversion of shareholder loans on admission of the company shares to trading on AIM. The group’s net asset position was strengthened from S$21.6 million at 31 December 2013 to S$76.4 million at 30 June 2014, with total loans and borrowings reduced from S$51.2 million to S$18.3 million.

In September, MeyGen achieved financial close of a £51 million funding package for delivery of the first 6MW stage of the project, Phase 1A.  The funding syndicate includes Atlantis, the UK government’s Department of Energy & Climate Change, The Crown Estate, Scottish Enterprise (through the Renewable Energy Investment Fund), and Highlands and Islands Enterprise

In February, Atlantis successfully completed its listing and initial public offering on AIM, raising £12 million. It also announced that it had been awarded €7.7 million for the development of a multi-turbine array using Atlantis’ AR1500 turbine at the MeyGen site, following a grant application to the European Commission’s Seventh Framework Programme during 2013.

MeyGen has also entered into supply and construction contracts for Phase 1A, including turbine supply contracts with Atlantis and Andritz Hydro Hammerfest (UK) Limited for a total of four 1.5MW tidal turbines

In March, Atlantis and Lockheed Martin Corporation formally commenced the AR1500 turbine detailed design programme, which is due for completion at the end of the year.  This includes the systems integration scope for all the turbine sub-assemblies

During March, Atlantis also completed a consulting contract for Carnegie Wave Energy Ltd for initial analysis of array configurations to reduce cost of energy, and has agreed a second phase of work which is now underway

Atlantis is continuing to work with Lockheed Martin Corporation and the Fundy Ocean Research Centre for Energy in pursuit of development opportunities in Canada

The firm has also reached agreement with the Energy Technologies Institute for commencement of the £7.5 million Phase 2 of the Tidal Energy Converter project, which will involve detailed design and demonstration of the innovative concepts identified in Phase 1.

The firm has been working with key subcontractors to agree terms for long lead components in readiness to deliver the first turbine to MeyGen next year and is also preparing for commencement of the detailed design phase of the ETI’s Tidal Energy Converter project, scheduled to start in Q3 2014.

In July, Atlantis formally opened its new Edinburgh office, from which it will deliver the MeyGen project and build a projects and engineering hub.  This has been supported through a £2 million loan from Scottish Enterprise, through its Renewable Energy Investment Fund.

 Commenting on the results, Tim Cornelius, Chief Executive of Atlantis, said:

“The first half of 2014 was a very busy period for Atlantis with our successful admission to AIM raising £12m from investors in February.”

“Post the period end, on 18 September 2014, the most significant milestone in Atlantis’ history was reached when the MeyGen project reached financial close on a £51m funding package.  This is a great achievement for the company and marks the significant time and effort that has been invested by the company and its partners.  The outlook for Atlantis remains strong and the Board looks to the future with confidence.”