Atlantis Resources signs £7.5m deal with Britain's Energy Technologies Institute

26th Aug 2014 18:34

Renewable energy developer Atlantis Resources has been awarded a two-year deal worth £7.5m with Britain's Energy Technologies Institute (ETI) to deliver a multi-turbine foundation structure in Scotland.The project, which will support a further two turbines at the Atlantis-owned MeyGen tidal stream array in the Pentland Firth will increase the capacity of the tidal array from 6 to 9 megawatt, enough to supply power to 4,500 homes."The ETI funded technologies to be designed and built as part of this project have the potential to substantially reduce the cost of energy of installed commercial turbines - improving the economics of tidal energy as part of the UK's energy mix," group chief executive Tim Cornelius said in a statement.The agreement with ETI signals the start of the second phase of the ETI tidal energy converter project, Atlantis said.Atlantis shares were up 5.05% to 52p at 14:31 on Tuesday.DC