Atlantis Resources signs deal with Siemens to acquire Marine Current Turbines

29 April 2015 (Last Updated April 29th, 2015 18:30)

Tidal power generator Atlantis Resources has acquired Marine Current Turbines from Siemens in an all-stock deal to strengthen its position in tidal power generation.

Seagen Atlantis

Tidal power generator Atlantis Resources has acquired Marine Current Turbines from Siemens in an all-stock deal to strengthen its position in tidal power generation.

Under the terms of the agreement signed by the two firms, Siemens will receive 9.99% stake in the Atlantis’ assets.

Singapore-based Atlantis will take possession of the British tidal turbine business, which will include extensive seabed rights, existing projects, staff and intellectual property of the Strangford Lough project in Northern Ireland.

The firm will also acquire six projects in Wales, Northern Ireland and southern England, along with an additional project development capacity of 200MW.

The deal enables Atlantis to raise project development portfolio in Scotland.

Atlantis will acquire MCT 1.2MW surface piercing tidal SeaGen system, tidal turbine intellectual property portfolio and the designs for MCT’s turbines under the agreement, including its next generation 1MW fully submerged SeaGen turbine and 1MW SeaGen system designed for floating deployment applications (SeaGen F).

"Under the terms of the agreement, Siemens will receive 9.99% stake in the Atlantis’ assets."

Atlantis CEO Tim Cornelius said: "This deal sees two industry leaders, MCT and Atlantis, combining to underpin the UK’s position as one of Europe’s tidal power leaders."

Siemens Wind Power and Renewables Division hydro and ocean power CEO Achim Woerner said: "This will enable the areas of competence of Marine Current Turbines, in particular its engineering capabilities, to be retained.

"Siemens will continue to cooperate with respect to component supply with MCT / Atlantis in the future."

The acquisition will also support establishment of a turbine assembly facility at Global Energy Group (GEG) owned Nigg Energy Park in Ross-Shire, Scotland. Atlantis is expected to sign a lease agreement for the proposed facility.

GEG process and equipment executive vice-president Gordon Ronaldson said: "There is a real opportunity through this acquisition to establish Scotland as the centre of excellence for the sector, in terms of internet protocol (IP) ownership, project development and manufacturing.

"This is an important and exciting milestone in establishing Nigg as Scotland’s main construction and logistics base for offshore renewables."


Image: SeaGen tidal system in Strangford Lough Northern Ireland. Photo: courtesy of Fundy / Wikipedia.