Atlantis Gets US $14M from Statkraft

Tidal energy firm, Atlantis Resources Corporation has completed a US $14 million round of fundraising through an investment from Statkraft.

“We are delighted to welcome Statkraft as an investor and a partner. They are a leader in their field in Europe, and they are an excellent strategic fit for us as we grow the business and realise our vision,” said Kim Manley, executive chairman of Atlantis.
The two companies have also entered into a cooperation agreement under which, Atlantis will work with Statkraft to develop tidal current electricity generation projects in Europe. This agreement is another step forward in Atlantis’ plan to power a data center 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 800 megawatts.

“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,” said Timothy Cornelius, CEO of Atlantis. “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.”


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