Final Results for FYE 31 Dec 2014


(Atlantis, the Company or the Group)

 Final Results

(Click here to download the full version including Chairman’s Statement and financials.)

London – Atlantis Resources Limited, a vertically integrated turbine supplier and project owner in the tidal power industry, is pleased to announce its final results for the year ended 31 December 2014.

The full Annual Report and Group financial statements can be read and downloaded from the Company’s website:


Highlights – year to 31 December 2014

  • February 2014 – Atlantis raised approximately £12 million before expenses and became the first tidal developer to be admitted to AIM.  In the same month, Atlantis announced that it had been awarded €7.7 million of European Commission grant funding
  • August 2014 – Atlantis is awarded a £7.5 million two year contract with the UK’s Energy Technologies Institute (the “ETI”) to design and deliver a multi-turbine foundation structure for installation at MeyGen
  • September 2014 – financial close was announced for £51.3 million of funding for the first 6 MW phase of Atlantis’s MeyGen project
  • October 2014 – Atlantis raised a further £5.0 million before expenses from new and existing shareholders in support of its commitment to equity investment in MeyGen


Highlights – post year end

  • January 2015 – construction works commenced at the MeyGen site in northern Scotland to establish the onshore power conversion centre and drill cable routes for power export; the project is on track to deliver first power in 2016
  • March 2015 – Atlantis entered into a multi-million pound turbine construction contract with Lockheed Martin for delivery of the first AR1500 turbine to MeyGen in 2016
  • April 2015 – Atlantis announced the execution of a sale and purchase agreement with Siemens AG for the acquisition of Marine Current Turbines Limited (“MCT”).  On completion of the acquisition, the Atlantis UK project portfolio will be boosted by 50% and the turbine product offering will be expanded to include the SeaGen system.  A 1.2 MW SeaGen demonstration unit has been in operation at Strangford Lough in Northern Ireland since 2008 and is included in the acquisition


Tim Cornelius, Chief Executive of Atlantis Resources Limited commented:

“2014 was a seminal year for Atlantis and we have again reached new milestones for the Group and the wider tidal sector.  Having become the first tidal developer to successfully float on AIM, we then secured another industry first when we achieved financial close on a funding package of more than £51 million for the first phase of our flagship MeyGen project in Scotland, the world’s largest tidal stream power development.  Construction is now underway at MeyGen, and it’s exciting to see the onshore works begin to take shape.  We’re on track to deliver our 1.5 MW turbine to the project for installation in 2016, and we’ve contracted industry leader Lockheed Martin as our major delivery partner for this first-in-class machine.

“The start of 2015 has been just as notable, culminating in our announcement of the execution of a sale and purchase agreement for the acquisition of MCT from Siemens AG in April.  This will bring a host of benefits to both our turbines and projects businesses, and is positive news for consolidation in an industry which continues to mature and grow.”


For further information please contact:

Atlantis   Resources Limited

via FTI   Consulting

Tim Cornelius, Chief Executive Officer


Duncan Black, Chief Financial Officer




Peel Hunt LLP   (Nominated Adviser and Broker)

+44 (0) 20 7418 8900

Daniel Harris

Jock Maxwell Macdonald

Euan Brown




FTI Consulting

+44 (0) 20 3727   1000

Ben Brewerton

Alex Beagley

Stephanie Blott

James Styles


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