Atlantis Resources Limited Canadian FORCE Facility Joint Venture Partnership
11 September 2015 - 4:00PM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
11 September 2015
11 September 2015
Atlantis Resources Limited
("Atlantis" or the "Company")
Canadian FORCE Facility Joint Venture Partnership
Atlantis, a global leader in the tidal power sector, is pleased
to announce that it has formed a joint venture partnership with the
DP Energy group, a leading renewable energy development business,
to develop a multi-turbine array at the FORCE facility in Nova
Scotia, Canada. The partnership with DP Energy combines the world
leading technology of Atlantis with the project development
experience of DP Energy.
Atlantis and DP Energy have today entered into a sale and
purchase agreement for the sale of a 50% interest in Atlantis's
wholly owned subsidiary, Atlantis Operations (Canada) Limited
("AOCL"). AOCL is the lease holder of a berth at the Fundy Ocean
Research Centre for Energy in Nova Scotia's Bay of Fundy, and
beneficiary of a grant of up to C$5 million from Sustainable
Development Technology Canada for installation of a tidal stream
project at the site. Additionally, in December 2014, it was
announced that AOCL had been awarded a feed-in tariff for up to 4.5
megawatts of tidal generation at a rate of C$530 per megawatt
hour.
The cash transaction, completion of which is subject to
satisfaction of certain conditions, would enable the DP Energy
group to take an active role alongside Atlantis in bringing AOCL's
opportunities to fruition and developing the huge potential of the
Canadian tidal energy market.
Tim Cornelius, Atlantis CEO, said:
"I am pleased to have the opportunity to be working with DP
Energy to tap into the opportunities afforded by Nova Scotia's
world class resources and supportive regulatory environment. We are
always aiming to create value for our shareholders through working
with the right partners in technology and project development, and
look forward to the contribution that the DP Energy group has to
offer to our Canadian operations."
Simon De Pietro, DP Energy Director, said:
"DP Energy is delighted to partner with Atlantis on this project
in support of the Nova Scotia Government initiative to promote and
demonstrate the potential for the use of tidal energy as a major
source of renewable electricity production globally and we are
eager to take on the exciting challenges provided by the tidal
resource in the Bay of Fundy. The venture adds further depth to the
growing portfolio of renewable energy projects of the DP Energy
group of companies worldwide. "
Enquiries:
Atlantis Resources +44 (0)20 3727 1000
Tim Cornelius, Chief Executive Officer
Duncan Black, Chief Financial Officer
DP Energy
Simon De Pietro, Chief Executive Officer +353 (0) 87 9722399
John Kerr, DP Energy Canada Director +353 (0) 86 2513899
Peel Hunt LLP (Nominated Adviser and
Broker to Atlantis) +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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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