The Norwegian utility has invested Nkr45M (US$6.7M) in the Singapore-based company, which is developing its proprietary “Solon” deep-water and “Nereus” shallow-water turbines for tidal current power projects.
Atlantis Resources has just completed a US$14M funding round, which includes the equity injection from Statkraft. An existing key shareholder, and the financial advisor to the company for the funding round, is Morgan Stanley.
The company added that the involvement of Statkraft is a significant step to help deploy its equipment in the Pentland Firth off the coast of north Scotland, between the mainland and the Orkney Islands, where the Atlantic Ocean and North Sea meet.
Last month, Atlantis Resources concluded trails of new bi-directional blades on a Solon prototype turbine at Bell Bay, in Tasmania. The company completed the main trials of Solon last year, and expects to commercially launch a 2MW unit in the middle of this year.
In December 2008, Atlantis resources signed a Memorandum of Understanding (MoU) with CLP Group to collaborate in commercial-scale development of projects across Asia-Pacific.
The company said the Solon system is ideally suited to floating arrays in water depths of more than 40m-50m. In the tow trials last year off the coast of Singapore, the 7m wide turbine produced more than 500kW in a flowrate of 8 knots, which it said represented a throat efficiency of more than 50%.
It added that the Nereus trails were previously completed and that a turbine has been operational and grid-connected near Melbourne for more than nine months.
Last year, Atlantis Resources said it was looking to work locally with Singapore-based marine manufacturing players to help develop its equipment.
Atlantis Resources acquired Current Resources, the tidal energy business of Morgan Stanley, earlier in 2008.
