Atlantis secures loan from Scottish govt for project management hub

26th Feb 2014 10:29

Tidal power turbine maker Atlantis Resources said it has been given a 2m pound loan from the Scottish government's renewable energy investment fund to set up a global engineering and project management hub.The Edinburgh-based hub will become the group's global centre of excellence and will employ 20 people.AIM-listed Atlantis is leading the development of several tidal projects, including the MeyGen project, Europe's largest marine power project, which will deliver up to 398 megawatts power when fully complete.The project, will be installed in phases in Scotland's Pentland Firth and should start generating power in 2015.Atlantis owns a portfolio of patents and patent applications relating to tidal power generation and sells tidal generation equipment and engineering services to third party developers as well as its own projects.Shares in the company were unchanged at 95.5p at 10:55.FP