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Atlantis join hands with DP Energy

4C Offshore | Tom Russell
By: Tom Russell 11/09/2015 Atlantis Resources
Atlantis has formed a joint venture with the Irish Tidal developer, DP Energy group. The partnership looks to  develop a multi-turbine array at the FORCE facility in Nova Scotia, Canada.

Atlantis and DP Energy entered into a sale and purchase agreement for the sale of a 50% interest in Atlantis's  wholly owned subsidiary, Atlantis Operations (Canada) Limited ("AOCL").  AOCL is the lease holder of a berth at the Fundy Ocean Research Centre for Energy (FORCE) in Nova Scotia's Bay of Fundy, and beneficiary of a grant of up to $5 million (Canadian) from Sustainable Development Technology Canada for installation of a tidal stream project at the site.  

Furthermore an announcement was made in December 2014 that AOCL had been awarded a feed-in tariff for up to 4.5 megawatts of tidal generation at a rate of C$530 per megawatt hour.

The cash transaction, completion of which is subject to satisfaction of certain conditions, would enable the DP Energy group to take an active role alongside Atlantis in bringing AOCL's opportunities to fruition and developing the huge potential of the Canadian tidal energy market.

Tim Cornelius, Atlantis CEO, said: "I am pleased to have the opportunity to be working with DP Energy to tap into the opportunities afforded by Nova Scotia's world class resources and supportive regulatory environment.  We are always aiming to create value for our shareholders through working with the right partners in technology and project development, and look forward to the contribution that the DP Energy group has to offer to our Canadian operations."

Simon De Pietro, DP Energy Director, said:"DP Energy is delighted to partner with Atlantis on this project in support of the Nova Scotia Government initiative to promote and demonstrate the potential for the use of tidal energy as a major source of renewable electricity production globally and we are eager to take on the exciting challenges provided by the tidal resource in the Bay of Fundy. The venture adds further depth to the growing portfolio of renewable energy projects of the DP Energy group of companies worldwide. "

DP Energy is a renewable energy and sustainable development group operating in sites across the world. The name DP Energy encompasses a number of companies, which operate in the field of renewable energy and sustainable development.

Atlantis is a tidal power generation company involved in the development of tidal power projects globally and the supply of tidal power generation, fixation and subsea power evacuation equipment.

The Fundy Ocean Research Centre for Energy (FORCE) allows developers to set up demonstration projects in the Nova Scotia area. This in turn will help the development and progression of full scaled commercial sites. For more information about FORCE please follow the links provided.


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