Atlantis Finalises MCT Acquisition

Atlantis has completed the acquisition of Marine Current Turbines Limited (MCT) from Siemens AG in an all share deal, conditional upon admission of the consideration shares.

Accordingly, as consideration for the acquisition, Atlantis has issued 9,911,577 new ordinary shares of no par value in the Company to Siemens AG, increasing the Company’s total number of issued shares to 99,115,777. The new shares will be admitted to AIM for the commencement of trading today.

To remind, Atlantis reached an agreement to acquire the Bristol based tidal business, Marine Current Turbines Limited in April this year.

MCT was the company to installation and commission the world’s first commercial scale tidal turbine in 2008. The SeaGen S 1.2MW turbine, located in Strangford Narrows in Northern Ireland, has generated approximately 10 gigawatt hours of electricity.