Final Results


 Final Results

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

London – Atlantis Resources Limited (“Atlantis), a vertically integrated turbine supplier and project owner in the tidal power industry, is pleased to announce its maiden final results for the year ended 31 December 2013.


The full Annual Report and group financial statements can be read and downloaded from the company website:





  • In March 2013, The Highland Council announced that it would grant planning permission for the onshore works required for the MeyGen project.  This was followed in September 2013 by confirmation from the Scottish government of the award of the offshore consents for the first 86MW of capacity
  • Following award of the consents, Atlantis reached agreement with its fellow shareholders in MeyGen, Morgan Stanley and International Power Marine Developments, to regain full ownership of the project company.  Atlantis will now capitalise on over five years of project planning and engineering to bring this milestone development to construction.  Construction of Phase 1A of the MeyGen project is expected to commence in the second half of 2014, with first power expected in 2016


Turbine technology

  • In September 2013, Atlantis and Lockheed Martin Corporation signed a detailed design and systems integration contract for the AR1500, and this programme of work was formally commenced in March 2014
  • In October 2013, Atlantis completed a £3.4 million programme of work for the Energy Technologies Institute.  Working with 100 industry participants, Atlantis identified a system architecture which could offer a 50% reduction in the cost of tidal energy
  • During 2013, the Atlantis engineering team completed the front end design for the AR1500, in readiness for commencing detailed design with its component suppliers and Lockheed Martin
  • Atlantis was awarded a consulting contract with Carnegie Wave Energy Limited for analysis of array configurations to reduce the cost of wave energy


Strategic relationships

  • In January 2013, Atlantis signed a strategic agreement with Dongfang Electric Machinery Co. Ltd, under which Dongfang committed to a turbine supply price of US$3 million for commercial production of the AR1500, more than 40% less than the cost of initial turbine units from European manufacturers
  • In September 2013, Atlantis and Lockheed Martin strengthened their longstanding relationship under a teaming agreement, through which Lockheed committed to investing US$10 million in technology and projects with Atlantis


Funding and revenue

  • In January 2013, Atlantis shipped US$2 million of onshore electrical and control equipment to China under a supply agreement with the China Energy Conservation and Environmental Protection Group, which is leading a project to deploy an Atlantis 1MW turbine in the Zhejiang province in 2014
  • In February 2013, the UK’s Energy and Climate Change Minister announced that the MeyGen project would be awarded a £10 million grant from the Marine Energy Array Demonstrator scheme
  • In February 2014, Atlantis announced that it had been awarded €7.7 million for the development of a multi-turbine array at the MeyGen site, following a grant application to the European Commission’s Seventh Framework Programme during 2013



Tim Cornelius, Chief Executive of Atlantis Resources Limited commented:


“2013 was a transformational year for Atlantis Resources in which many corporate milestones were achieved and subsequently the decision was taken to pursue an IPO on the London Stock Exchange.  Following the successful fundraising and admission to AIM in February 2014, the group is well placed to continue the development of its cornerstone MeyGen project in Scotland, the world’s largest tidal energy power project. 

We have made significant progress since February in finalising the construction and supply contracts for MeyGen, and in reaching agreement with the project funding syndicate in readiness for financial close and the commencement of construction for Phase 1A in H2 2014.  Excellent progress has been made on the detailed design of our AR1500 turbine with Lockheed Martin with the program on track for completion in October of this year and the first AR1500 turbine to be installed at MeyGen in H2 2015.

Further, our other key supplier, Andritz Hammerfest Hydro, remains on schedule to deliver turbines on time and to budget and post IPO, we have also announced a number of significant strategic alliances with large multinational corporations which will allow us to broaden our product and service offering in the future.

It is exciting times for Atlantis Resources Limited”.


For further information please contact:


Atlantis   Resources Limited

via FTI   Consulting

Tim Cornelius, Chief Executive Officer


Duncan Black, Chief Financial Officer




N+1 Singer   Advisory LLP

+44 (0) 20 7496   3000

Andrew Craig / Ben Wright / Alex Wright




FTI Consulting

+44 (0) 20 3727   1000

Ben Brewerton / Alex Beagley / James Styles


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