TIDAL-POWER company Atlantis Resources has raised £5 million, which will partly fund its involvement in the MeyGen tidal-stream renewable-energy project in the Pentland Firth.
The AIM-listed firm said it raised the sum, which excludes expenses, by conditionally placing 12.5 million new ordinary shares at 40p each. They will represent about 16.3 per cent of its issued share capital before issuing the placing shares.
Chief executive Tim Cornelius said the firm is "delighted" with the support the placing received. He said: "The funds will enable us to progress to the construction stage of phase 1A of the MeyGen project." The phase, the first stage of the product, includes installing four 1.5MW turbines offshore.
The Singapore-based company said in September that it had met the conditions to draw down £51 million funding, helping building work to start on what is the largest consented tidal-stream power project in Europe. It is to start generation in the first half of 2016.
Mr Cornelius said: "MeyGen is expected to be the world's first commercial-scale multi-turbine tidal-energy project to come on stream. When completed, the project is expected to have 265 turbines submerged on the seabed, generating enough power for almost 200,000 homes in Scotland."
Atlantis Resources, which in July opened an Edinburgh MeyGen project office, also said the £5 million will be used for working capital, and to pay seabed lease fees at the Fundy Ocean Research Centre for Energy in Canada.
The money will also help repay the loan of about 1.58 million Singapore dollars (£770,000) from strategic-investment firm EDB Investments Pte.
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