Edinburgh-based tidal energy developer Atlantis Resources has extended the duration of its ongoing bond offer as the commitments made overshoot the minimum threshold.
The five-year bond offer, being run through Abundance Investment platform , has so far yielded £3,312,883 in investment commitments for Atlantis, exceeding the minimum threshold of £2 million.
The company has also extended the offer to investors, which will now remain open until April 30, 2018, Atlantis informed.
The bond issue, launched at the end of January 2018, covers a bond which matures in 2023, with a fixed 8% interest payable semi-annually.
The proceeds from the offer will be used to progress and accelerate the development of the best opportunities in the Atlantis project pipeline, including the recently announced Uskmouth power station conversion, and the Wyre tidal gateway project, Atlantis said earlier.
Alongside its project development interests, Atlantis owns a portfolio of patents and patent applications relating to tidal power generation, and has developed an extensive range of intellectual property and know-how in a growing global tidal industry that has the potential to achieve over 120,000MW of installed capacity.