Tide turns as Atlantis Resources powers into the black
Atlantis Resources, the tidal energy company behind the MeyGen project being constructed in the Pentland Firth, has reported a maiden annual profit.
The group, which also confirmed that MeyGen was on track to deliver first power this year, said the profit of 4.3 million Singapore dollars (£2.1m) – compared with a S$16.2m loss in 2014 – was largely as a result of the gain from the acquisition of Marine Current Turbines from Siemens last year.
Atlantis was incorporated in Singapore in 2005 and its shares are quoted on London’s Alternative Investment Market. It has its principal project and operations office in Edinburgh.
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