Hydropower

Atlantis Resources Acquires Morgan Stanley’s Tidal Current Energy Origination Business

Atlantis Resources Corporation announced that it has acquired Current Resources Ltd, a tidal current energy origination and project development business owned by Morgan Stanley. Following this transaction, Morgan Stanley will be Atlantis’ largest shareholder. The two companies said that they will now be able to develop and project manage major tidal current renewable energy projects globally, Atlantis said.

Atlantis has developed two families of sub-sea turbines that have been tested over a decade of field trials, Solon, a deep-water turbine suitable for installation in some of the fastest flowing currents in the world and Nereus, a shallow-water turbine which has been extensively tested, and grid connected in San Remo, Australia. Both have been specifically developed to suit installation of multiple turbines in fields or arrays.

The company is currently evaluating potential installation opportunities in the Pentland Firth off Northern Scotland, in the Bay of Fundy and British Columbia off the East and West Coasts of North America, respectively, as well as off the coast of South Korea.

“We believe that Atlantis will be at the forefront of renewable energy generation, achieving both scale and commercial viability in development and implementation of large scale projects. By partnering with a best-in-class organization such as Atlantis we are building on our commitment to, and investment in, the renewable energy sector,” said Colin Bryce, managing director and global co-head of commodities for Morgan Stanley.

Oceans cover more than 70% of Earth’s surface. Ocean energy (including tidal power, tidal current power, wave power and ocean thermal energy conversion) represents a vast source of energy, estimated at between 2,000 and 4,000 terrawatt-hours per year. The U.S. and the U.K. in combination have sufficient ocean power potential to meet around 15% of their combined power needs, according to the report “The Commercialization of Ocean Power” from Research Reports International Inc.