Atlantis Resources, the developer behind the MeyGen tidal energy project, has raised funds in the amount of £2.5 million.
The funds were raised through the conditional placing of shares at a price of 42 pence per share.
Atlantis stated that the proceeds will be used to fund project development activities across the Atlantis portfolio and to secure the opportunities for portfolio growth.
Tim Cornelius, CEO of Atlantis, said: “We are very pleased with the continued support of our shareholders demonstrated through this successful placing. The funds raised will allow us to replicate our success at the MeyGen project and bring other opportunities to fruition around the UK.”
When fully constructed the MeyGen tidal array, located at the Inner Sound of Pentland Firth, Scotland, will consist of 269 submerged tidal turbines with 398 MW in capacity, enough to power 175.000 Scottish homes.
In Phase 1A of the project, four submerged turbines generating 6 MW will be installed off Caithness, with the first power expected to be delivered in 2016.
Recently, Atlantis completed the horizontal directional drilling for the first phase of the project, and started the construction of the power conversion centre at the onshore construction site located at Caithness.
Image: Atlantis Resources