Atlantis Resources Making Progress

Singapore-based, tidal power specialist Atlantis Resources, has released its full year results for the 2013.

The company showed significant progress after it joined AIM (London Stock Exchange) in February last year.

Tim Cornelius, Chief Executive of Atlantis Resources Limited commented:

“We have made significant progress since February in finalising the construction and supply contracts for MeyGen, and in reaching agreement with the project funding syndicate in readiness for financial close and the commencement of construction for Phase 1A in H2 2014. Excellent progress has been made on the detailed design of our AR1500 turbine with Lockheed Martin with the program on track for completion in October of this year and the first AR1500 turbine to be installed at MeyGen in H2 2015.

“Further, our other key supplier, Andritz Hammerfest Hydro, remains on schedule to deliver turbines on time and to budget and post IPO, we have also announced a number of significant strategic alliances with large multinational corporations which will allow us to broaden our product and service offering in the future.”

Revenue of EUR 3.63 million in the year to 31 December 2013 was derived from the sale of equipment to CECEP Ocean Energy for its demonstration project in China, and from the provision of consulting services, including Phase 1 of the Energy Technologies Institute project for cost reduction in tidal energy.

The company reduced the loss before taxes to EUR 5.65 million, comparing to the EUR 8.78 million reported a year before.

(1 Singapore Dollar = 0.58 Euro)