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A tidal energy company has secured a €7.7 million grant from the European Commission (EC).
The funding by Atlantis Resources from the EC’s seventh framework programme for research and development technology will support the deployment of the company’s multi tidal-turbine arrays.
These will be developed and tested in the Inner Sound of the Pentland Firth, off the north coast of Scotland.
Atlantis chief executive, Tim Cornelius, said the grant was a “major endorsement”.
He added: “It will help to catalyse the industry’s development, providing a credible and robust transition pathway from single turbine demonstration units, to the deployment of multi-hundred turbine arrays in Europe and across the wider international market.”
The company also floated on the Alternative Investment Market (AIM) of the London Stock Exchange earlier today and achieved a successful initial public offering, raising £12 million.
Cornelius said the IPO, coupled with the grant has put the company “in a strong financial position to deliver its projects”.
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