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?7.5m contract with Energy Technologies Institute
?7.5m contract with Energy Technologies Institute.
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[{"type":"text","content":"\n \nRNS Number : 9609P Atlantis Resources Limited 26 August 2014 \n \n\n26 August 2014\n \nATLANTIS RESOURCES LIMITED\n(\"Atlantis\" or the \"Company\")\n \nAtlantis signs £7.5 million contract with the ETI to expand tidal energy project in Scotland\n \nAtlantis, owner of the world's largest planned tidal stream energy project, MeyGen, has been awarded a £7.5 million two year contract with the UK's Energy Technologies Institute (\"ETI\") to deliver a multi-turbine foundation structure which will support a further two turbines at the Atlantis-owned MeyGen tidal stream array in the Pentland Firth, Scotland.\n \nThe agreement with ETI marks the start of Phase 2 of the ETI Tidal Energy Converter Project (\"TEC Phase 2\"). TEC Phase 2 will see two Atlantis-owned 1.5MW commercial tidal energy turbines installed on an innovative foundation structure designed and built as part of the ETI-funded project. The Project was negotiated separately to, and comes hot on the heels of, the Company's recently funded 6MW tidal turbine array at the MeyGen site. It will increase the number of turbines at the site from four to six and the rated capacity of the tidal array from 6MW to 9MW, enough to power 4,500 local homes.\n \nThe ETI originally commissioned the first phase of the Tidal Energy Converter Project (\"TEC Phase 1\") in May 2012, following a competitive tender which was won by a consortium led by Atlantis. TEC Phase 1 adopted a total system lifetime cost of energy methodology to identify, develop and prove tidal energy system technologies capable of significantly reducing cost of energy and of being deployed at array scale. As a result, the ETI has developed a patent-pending innovative and cost effective turbine foundation design which will be deployed during TEC Phase 2.\n \nThe second phase of the project, TEC Phase 2 awarded to Atlantis, will run over three stages, commencing with detailed design, fabrication and installation of the innovative turbine foundation structure and associated technologies. Atlantis will be responsible for turbine supply and electrical connection to the local grid.\n \nTim Cornelius, Atlantis CEO, said:\n\"We are delighted that the ETI has selected Atlantis to continue to develop its marine project portfolio. Phase 2 of the Tidal Ener...