Atlantis Resources Ltd, developer of the MeyGen tidal project in Scotland, has agreed to acquire Marine Current Turbines (MCT) from Siemens, subject to certain conditions.
The all-share deal includes MCT's extensive seabed rights, existing projects, staff and intellectual property, creating one of the largest portfolios of tidal current power projects in the UK under the Atlantis power generation business. It includes MCT's extensive tidal turbine intellectual property portfolio and the designs for MCT's turbines, including its next generation 1 MW fully submerged SeaGen turbine and its 1MW SeaGen system designed for floating deployment applications.
Under the terms of the acquisition, Siemens will receive 9.99% of the Company's enlarged issued share capital as sole consideration for the sale.
"We are delighted to be acquiring this leading British tidal power company from Siemens which firmly positions Atlantis as a leader in UK tidal power and globally. Marine Current Turbines has developed a world leading tidal turbine, a world class engineering team, unrivalled expertise in long-term turbine operations and testing through its SeaGen installation at Strangford Lough and an impressive portfolio of projects under development across the UK," commented Tim Cornelius, CEO of Atlantis. "We welcome Siemens as an Atlantis shareholder. This deal sees two industry leaders, MCT and Atlantis, combining to underpin the UK's position as one of Europe's tidal power leaders."
In a statement, Atlantis said the SeaGen system will open up new project development locations and opportunities for the company, widening the total potential addressable market. It is possible that floating SeaGen systems could be deployed on sites where Atlantis' AR1500 turbines will be deployed to increase total installed capacity on a project location.
The MCT projects will increase the Atlantis tidal power project development portfolio to almost 600MW of potential installed capacity in the UK alone. Post-acquisition, Atlantis said it will further assess the MCT portfolio to prioritise the projects to pursue in the near term, and those that it will defer the development of or potentially divest.
Siemens will continue to supply MCT with standard components for its tidal power turbines and projects. Alongside the acquisition, Siemens and Atlantis have agreed to explore respective opportunities for the future.
