LONDON, September 8 /PRNewswire/ --
- Acquisition Marks the Launch of a Uniquely Commercial Pioneer in Tidal Current Electricity Generation
Atlantis Resources Corporation ("Atlantis" or "the Company"), one of the world's leading developers and manufacturers of electricity-generating tidal current turbines, today announces the acquisition of Current Resources Ltd ("Current Resources"), a tidal current energy origination and project development business owned by Morgan Stanley. Following this transaction, Morgan Stanley will be Atlantis' largest shareholder. The combination of Atlantis' highly sophisticated technology and track record with Current Resources' energy origination and project development expertise will create a uniquely commercial force in the tidal current energy industry, able to develop and project manage major tidal current renewable energy projects globally.
Atlantis has achieved a series of significant milestones in harnessing tidal currents and is pioneering large-scale generation 'turbine farms' or 'arrays'. The company is unique in having developed two families of sub-sea turbines, extensively tested over a decade of field trials. Solon(TM) is a deep-water turbine suitable for installation in some of the fastest flowing currents in the world. Nereus(TM) is a shallow-water turbine which has been extensively tested, and grid connected in San Remo, Australia. Both have been specifically developed to suit installation of multiple turbines in fields or arrays.
Tidal currents offer unparalleled predictability and scalability for renewable electricity generation and have yet to be efficiently and commercially leveraged. Atlantis is currently evaluating potential installation opportunities in the Pentland Firth off Northern Scotland, in the Bay of Fundy and British Columbia off the East and West Coasts of North America, respectively, as well as off the coast of South Korea.
Oceans cover over 70% of Earth's surface. Ocean energy (including tidal power, tidal current power, wave power and ocean thermal energy conversion) represents a vast source of energy, estimated at between 2,000 and 4,000 TWh per year. The U.S. and the U.K. in combination have sufficient ocean power potential to meet around 15% of their combined power needs.(1)
Following the acquisition, Atlantis has a strong operational and commercial management team, led by CEO Timothy Cornelius, a sub-sea engineering specialist, and further comprising: Dr James Mitchell, former UK power originator for Morgan Stanley, as Head of Business Development; Drew Blaxland as Head of Turbine Development and Logistics, and Matt Foley, as CFO.
(1) The Commercialization of Ocean Power 1st Edition, Research Reports Intl, Inc, June 2008
Commenting, Timothy Cornelius, CEO said: "Tidal current energy is probably the most exciting, viable and scalable means of generating renewable energy imaginable. We have assembled an exceptional team who have developed and manufactured what we believe to be amongst the most efficient tidal current renewable electricity-generating turbines in the world today."
Cornelius added: "Our vision is not only to develop leading technology but to develop and implement commercially viable projects on a global scale. The acquisition of Current Resources is a critical step in establishing Atlantis as a world-leader in tidal current energy development, with the support of Morgan Stanley, one of the global leaders in investment banking and global commodities trading."
Colin Bryce, Managing Director and Global Co-Head of Commodities, Morgan Stanley, commented: "We are excited about the opportunities that this presents for both Atlantis and for our own interests in the renewable energy sector. We believe that Atlantis will be at the forefront of renewable energy generation, achieving both scale and commercial viability in development and implementation of large scale projects. By partnering with a best-in-class organisation such as Atlantis we are building on our commitment to, and investment in, the renewable energy sector.
The Company's board of directors, reflecting its focus on corporate governance and achieving rapid global development, includes senior representatives from Morgan Stanley and two other directors, and is led by Chairman Kim Manley, a substantial shareholder in the Company, who previously held a number of senior positions in global blue chip companies.
About Atlantis Resources Corporation
Atlantis is a global pioneer in the development, manufacture and commercialisation of tidal current energy generation technology. Its turbines generate clean, renewable energy by harnessing the immense power contained in moving bodies of water. The company has already achieved a series of significant industry firsts.
Together with the backing of Morgan Stanley as a major shareholder, its highly experienced management team has the commercial insight and access needed to execute large-scale, tidal current energy generation arrays worldwide - the only truly scalable and predictable, carbon-neutral energy resource.
Atlantis has developed two families of patented and complementary sub-sea turbines, Nereus(TM) and Solon(TM), which have been developed over a decade of field trials and have been independently rated as two of the top five global tidal technologies for performance, efficiency and commercialisation potential.
Similar to the early pioneers of the wind energy sector, Atlantis' strategy is based on a manufacturer and developer model for tidal current projects globally. Through its newly-acquired project development subsidiary, Current Resources Ltd, Atlantis will develop proof-of-principle projects deploying Atlantis turbine technology. It is also already in a position to sell turbines to utilities, mainstream energy companies and renewable energy developers who require test turbine installations to secure their sites.
Atlantis was founded in 1996.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 33 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
For More information please contact FD: Europe: George Farquhar +44-207-269-7213 North America: Melissa Kresse +1-212-850-5600 Asia: Alastair Hetherington +852-3716-9800 Australia: Cameron Hamilton +61(2)8298-6100 Or visit http://www.atlantisresourcescorporation.com
For More information please contact FD:, Europe:, George Farquhar, +44-207-269-7213; North America:, Melissa Kresse, +1-212-850-5600; Asia:, Alastair Hetherington, +852-3716-9800; Australia:, Cameron Hamilton, +61(2)8298-6100