Turbine supplier and tidal energy project developer Atlantis Resources has started trading on the Alternative Investment Market (AIM), operated by the London Stock Exchange.
The placing gave the firm a £72.1 million market capitalization. Funds raised will contribute to the firm's MeyGen project, offshore Scotland, delivery of the group’s AR1500 turbine detailed design with Lockheed Martin Corporation, and preparation of its AR1000 turbine for deployment in a demonstration project offshore China.
The firm has also today been awarded a €7.7 million grant from the European Commission’s Seventh Framework Programme for Research and Technological Development.
The EC funding will support deployment of multi tidal-turbine arrays on the MeyGen project. Scheduled to run from 2014, the programme will facilitate the design, installation and operation of the company’s 1.5MW AR1500 tidal energy turbines in the Inner Sound of the Pentland Firth, off the north coast of Scotland.
John Neill, non-executive chairman of Atlantis Resources Limited said: “This fundraising and admission to AIM marks an important milestone for Atlantis and provides funding for development of the Group’s cornerstone MeyGen project in Scotland, the world’s largest tidal energy power project.
"We were delighted to secure more than £8 million in non-dilutive funding during the course of the (pre-listing) road show, which in combination with the placing exceeds our planned target raise of £20 million."