Tidal power pioneer Atlantis Resources is eyeing acquisition targets and seeking to raise funds in a bid to capitalise on infrastructure opportunities. The Aim-quoted business late last year celebrated the first electricity being generated at its ground-breaking MeyGen project in the Pentland Firth, and in January revealed that it had set up a new internal division, Atlantis Energy, to grow into non-tidal stream project development. Atlantis chief executive Tim Cornelius said that changes in the UK power market have opened up opportunities for the Edinburgh-based company. He said that amid the “spectre” of Brexit, new large infrastructure projects will be needed to stimulate the UK economy, with Atlantis benefiting in this regard from the prolonged downturn in the oil and gas industry. Cornelius said utility and private-equity firms are “consistently” seeking out the company, particularly after the Atlantis Energy announcement. “They want pipeline – they want new projects, they want investment opportunities,” he said. “We are now to embark on a new strategy of looking at different ways to attract third-party capital to now build our portfolio.” The aim is to become a junior infrastructure company, managing and developing such projects and enabling third-party developers to tap into the “unique” expertise and services Atlantis has developed by navigating the previously uncharted waters of tidal power.
Scotsman 28th March 2017 read more »