Atlantis Resources extends deal with Chinese partner

7th Apr 2014 15:26

Tidal power developer Atlantis Resources, which floated on AIM in February, has extended its partnership with Chinese player Dongfang Electrical Machinery with a new testing agreement offshore Hangzhou. The testing programme will be carried out before Atlantis's first commercial scale, 1MW turbine, the AR1000, is launched later this year at an offshore demonstration project in Zhejiang Province.Chief Executive Tim Cornelius said: "This extension to our worldwide strategic partnership with Dongfang is significant for Atlantis given the potential size of the Chinese tidal power market. "As well as helping to develop our supply chain and identify sales and project development opportunities in China, the agency agreement will have a near-term positive impact on our cash flows as we will receive a commission on the sale of any product or service secured by Dongfang from an Atlantis initiated opportunity." The duo have also agreed to cooperate on supply chain solutions for the 1.5MW AR1500 turbine when it enters mass production.Atlantis has now also agreed to sell Dongfang's non-tidal products in markets outside of China.Shares in Atlantis were flat on Monday. OH