Atlantis Resources Limited MeyGen Update (5491Y)

TIDMARL

RNS Number : 5491Y

Atlantis Resources Limited

06 March 2017

6 March 2017

Atlantis Resources Limited

("Atlantis" or the "Company")

MeyGen Update

Atlantis Resources, a global leader in the tidal power sector, is delighted to announce that Phase 1A of the MeyGen project in the Pentland Firth, Scotland has been granted full accreditation by Ofgem under the Renewables Obligations (Scotland) Order.

The decision has been made in respect of the 6MW tidal stream generating station at the Ness of Quoys in Caithness, which commenced commercial operation in November 2016. The MeyGen project will now be issued with five Renewables Obligations Certificates (ROCs) for every MWh of renewable electricity generated by the station.

The AR1500 tidal stream turbine has recently been deployed at MeyGen and has already successfully exported power to the grid and has operated at full power. The AR1500 is the fourth turbine that has been deployed offshore and connected to the grid onshore at the Ness of Quoys, where power from the project is converted and combined to form a 6MW grid compliant tidal stream power station which directly supplies energy to the local electricity distribution network in Caithness.

Tim Cornelius, CEO, commented:

"The granting of full accreditation for Phase 1A of the MeyGen project represents a truly historic milestone for the MeyGen project, Atlantis and everyone associated with the tidal power sector in the United Kingdom. The project has gone from strength to strength over the past 24 months and even greater strides will now be made as we prepare for construction of the next phase of the MeyGen project to start later this year. This is a truly momentous occasion for all involved."

Enquiries:

 
 Atlantis Resources                  via FTI Consulting 
 Tim Cornelius, Chief Executive 
  Officer 
  Simon Counsell, Chief Financial 
  Officer 
 
 Peel Hunt LLP (Nominated            [phone] 
  Adviser and Joint Broker)           8900 
 Adrian Trimmings 
  Jock Maxwell Macdonald 
 
 Macquarie Capital (Europe) 
  Limited (Joint Broker) 
  Raj Khatri                         [phone] 
  Nick Stamp                          2000 
 
                                     [phone] 
 FTI Consulting                       1000 
 Ben Brewerton 
  Alex Beagley 
  James Styles 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

UPDUVAURBSAORUR

(END) Dow Jones Newswires

March 06, 2017 02:00 ET (07:00 GMT)