Atlantis Resources Corp., a Morgan Stanley-backed maker of tidal turbines, appointed a former Bank of England and Royal Mail Plc director as it plans an initial share sale on London’s Alternative Investment Market.

Atlantis named John Neill non-executive chairman of its board to help grow the company as it plans to raise about 20 million pounds ($32.7 million) on AIM, Tim Cornelius, chief executive officer of Singapore-based Atlantis, said today. It expects to complete the share sale as early as this month.

Atlantis, in which Morgan Stanley holds a 45.7 percent stake, will spend about half of the proceeds of the share sale to fund the 86-megawatt first phase of its MeyGen project in Scotland. Construction is expected to start just after the first quarter, Cornelius said, with power generation forecast to begin in early 2015. It may eventually reach a capacity of as much as 398 megawatts.

Scotland offers one of world’s highest subsidies for tidal power, one of the costliest forms of energy. Scotland’s waters are estimated to have as much as a quarter of Europe’s tidal resource. As yet there are no commercial-scale projects in operation as developers continue to test their devices and raise the capital needed to install larger facilities.

Neill, the chairman and chief executive officer of Unipart Group Ltd., is one of the “most proven” entrepreneurs in the U.K., if not Europe, Cornelius said by phone.

Neill is a non-executive director at Rolls Royce Plc and formerly a director at the Bank of England and a non-executive director at the Royal Mail.

Atlantis is also pursuing projects in Canada, India and China.

Source: Bloomberg News
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