Atlantis Announces Cooperation With Statkraft To Pioneer The Development Of European Tidal Current Electricity Generation

Atlantis Resources Corporation (”Atlantis”), one of the world’s leading developers of electricity-generating tidal current turbines, has entered into a cooperation agreement with Statkraft, Europe’s largest generator of renewable energy.

Atlantis will work with the Norwegian based power company to develop tidal current electricity generation projects in Europe. This agreement represents a significant step forward in the realisation of Atlantis’ innovative plan to power a datacentre using tidal current turbines deployed offshore in Scotland’s Pentland Firth.

Previously, in December 2008, Atlantis signed the world’s largest tidal energy generation agreement with CLP, increasing Atlantis’ electricity-generating project pipeline to a record 800MW.

Timothy Cornelius, CEO of Atlantis: “We are delighted to be working with Statkraft, a strategically important player in European renewable energy. We share a vision to develop and promote the European tidal power market and will work closely together towards commercial-scale deployments.”

“This project agreement will enable Atlantis to continue leading the way in tidal current energy generation, focusing initially on the Pentland Firth, which is unquestionably one of today’s most exciting renewable energy opportunities.”

Nicolai Gedde, Vice President Marine Energy of Statkraft said: “The tidal power sector in Europe is poised for immense growth over the next decade and our investment in Atlantis is consistent with our commitment to support new technologies which we believe will become important parts of the energy mix.  We are very excited to be developing European projects with their exceptional team.”

Separately, Mr Cornelius provided an update on Atlantis’ activities in Asia Pacific: “During March 2009, we concluded trials of our unique new bi-directional blades on the Solon™ deep water turbine. The tests, conducted at Bell Bay in Tasmania were the most extensive and intensive ever undertaken by the Company and are intended to further validate the world leading performance of the Solon™ turbine and to demonstrate the viability of the bi-directional blades, a critical technical innovation.”

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For more information, please contact FD:

Alastair Hetherington/Bonnie Clarke
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About Atlantis

Atlantis Resources Corporation with offices in London, Singapore and Sydney, is an international developer of tidal current turbines, with both its shallow-water Nereus™ turbine and its deep-water Solon™ turbine now being prepared for commercial deployment.

In 2008, Atlantis successfully completed trials of its Solon™ tidal current turbine, with independent verification that Solon™ is the world’s most efficient turbine to ever be tested at large-scale. The commercial launch of a 2MW Solon™ turbine is expected in summer 2009.

Also in 2008, Atlantis deployed its latest Nereus™ turbine in a shallow-water location near Melbourne, Australia. Nereus™ has now been grid-connected and operational for over 9 months.

About Statkraft

Statkraft is Europe’s largest renewable energy company. The Group develops and generates hydropower, wind power, gas power and district heating, and is a major player on the European power exchanges. Statkraft also develops marine energy, osmotic power solar power, and other innovative energy solutions. In 2008, Statkraft posted gross operating revenues of EUR 3.1 billion. The group employs 3,000 staff in more than 20 countries.


Source: Press Release 31-Mar-09

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