Tide turns as Atlantis Resources powers into the black

Atlantis Resources said its MeyGen project will deliver its first power this year. Picture: Contributed

Atlantis Resources said its MeyGen project will deliver its first power this year. Picture: Contributed

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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.

READ MORE: Atlantis forecasts maiden profit after raising £6.5m

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.

Chief executive Tim Cornelius said: “There is no doubt that 2016 will be an exciting year for the company and its shareholders as well as the wider tidal sector, as our flagship MeyGen project delivers first power to the grid.”

An agreement struck last month between the firm and London-based infrastructure investor Equitix will see the pair work together to advance Atlantis’ large portfolio of tidal power projects in Scotland.

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