Atlantis Resources reports unaudited Interim Results
Wednesday, Sep 20, 2017
Atlantis Resources Limited, a vertically integrated turbine supplier and project owner in the tidal power industry, is pleased to announce its unaudited Interim Results for the six months to 30 June 2017.


Financial highlights

  • The consolidated group cash position at 30 June 2017 was £6.9 million (31 December 2016; £10.2 million), including £3.3 million held at MeyGen (31 December 2016; £8.7 million).
  • Group total equity increased to £67.4 million over the six-month period (31 December 2016; £66.6 million).
  • In May 2017, Atlantis raised £4.1 million before expenses from new and existing shareholders to fund project development activities across the Atlantis portfolio and to secure opportunities for portfolio growth.
  • Subsequent to the reporting period, in July 2017, Atlantis raised £5.0 million, before expenses, through a five-year bond with a coupon of 8%, maturing in 2022. The proceeds will be used to fund incremental project development activities across the Atlantis portfolio and to secure opportunities for portfolio growth.
MeyGen Project

  • In January 2017, the final of the three Andritz Hydro Hammerfest (AHH) turbines was successfully installed and started generating to the grid.
  • In February 2017, the Company’s AR1500 turbine, was installed in Phase 1A of the MeyGen project.  The turbine reached full power output shortly afterwards and demonstrated levels of performance above the contractual baseline required.
  • In March 2017, Phase 1A of the MeyGen project was granted full accreditation by Ofgem under the Renewables Obligation Order.  The decision by Ofgem was made in respect to the 6MW tidal stream generating station which commenced generation in November 2016. The MeyGen project is now receiving five Renewables Obligations Certificates (ROCs) for every MWh of renewable electricity generated at the station.
  • The MeyGen project confirmed in March 2017 that generation from the installed turbines was approaching 400MWh. It was also confirmed that through this period of generation both turbines supplied by Atlantis and Andritz Hydro Hammerfest were performing above their contractual guarantee levels.
  • By the end of March 2017 all three AHH turbines were recovered to undergo onshore inspection to permit AHH to implement system enhancements derived from the lessons learned during the initial period of operations.
  • In April 2017, the AR1500 was retrieved to allow a full systems inspection before undergoing the contractual performance testing regime reflecting the approach taken on the AHH systems. This followed an unplanned grid outage which was unrelated to the turbine itself, following a period of sustained generation.
  • In early July 2017, two of the three AHH turbines were reinstalled and commenced generation at full power.
  • The MeyGen project confirmed in August 2017 that the project had surpassed 1,000MWh of generation onto the grid.
  • The third AHH turbine was reinstalled in August 2017.
  • The MeyGen project confirmed in August 2017 that it had set a new world record for monthly production from a tidal stream power station of over 700MWh in August.
  • The AR1500 is expected to be redeployed in early October to complete the four 1.5MW turbines for completion of Phase 1A to be operating at full 6 MW capacity.
  • Corporate
  • In January 2017, the European Commission awarded £17.3 million (€20.3 million) in Horizon 2020 grant funding for the next phase of the MeyGen project, Phase 1B, or Project Stroma. This funding is in addition to the previously awarded NER300 funding of €16.8 million.
  • In January 2017,Atlantis also announced the formation of a new division, Atlantis Energy, to apply its skills and experience in complementary sectors in marine renewable energy.  This was supported by memoranda of understanding with floating wind developer Ideol and with Natural Energy Wyre, a key player in the proposed Wyre Valley tidal barrage and flood protection scheme.
  • In March 2017, Atlantis signed a preferred supplier agreement with SBS INTL LTD, a privately-owned international marine, subsea and renewable energy project developer, for the supply of turbines, engineering services and equipment for a 150MW tidal-stream array located in Lombok, Indonesia.  Atlantis also announced its intentions to pursue projects in France, where commercial seabed leasing rounds are planned.
  • In May 2017, the Group signed a strategic partnership agreement with Hyundai Engineering and Construction Co. Ltd for collaboration on the development of ocean power renewable projects globally, and in particular the development of tidal stream projects in South Korea.
  • In August 2017, Andrew Dagley was appointed Chief Finance Officer, replacing Simon Counsell who stepped down to pursue other business interests. Atlantis also announced that it was in negotiation with the Duchy of Lancaster as its preferred developer for the proposed Wyre estuary tidal barrage and flood protection project, with a planned installed capacity of 160MW.

Tim Cornelius, Chief Executive of Atlantis, commented:

“The first half of 2017 has been a very positive step forward for Atlantis and its portfolio of projects. The installation of the four turbines at MeyGen earlier this year, was achieved safely and in record time. We are extremely excited to see the final turbine, our AR1500, be reinstalled at MeyGen in the coming weeks and seeing the project complete its transition into full operations. MeyGen Phase 1A has already set a number of records, with over 2GWh of generation having been dispatched to grid, generating predictable revenue from ROCs and wholesale power sales from the PPA. This now allows us to consider a re-finance of the project to improve returns and liberate capital for new investment opportunities.

“In addition, the first half of 2017 also saw us formally launch Atlantis Energy and the announcement as preferred developer of the 160MW tidal barrage and flood protection infrastructure project in the Wyre Estuary, England. We believe that this is the best pathfinder project in the UK to help demonstrate the benefits of predictable low-cost generation from a fleet of commercial scale tidal barrages across the UK. We are very excited to develop this project alongside the rest of our tidal stream portfolio throughout the UK, Europe, North America and Asia. There are number of very exciting projects being developed in South East Asia at present and we are well positioned to convert these opportunities into equipment sales and project development contracts.”

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