Atlantis completes acquisition of Siemens’ Marine Current Turbines

  • Business & Finance

Atlantis Resources Limited completed the acquisition of Marine Current Turbines Limited (MCT) from Siemens AG in an all share deal, conditional upon admission of the consideration shares, the company reported today.

“Accordingly, as consideration for the acquisition, Atlantis has issued 9,911,577 new ordinary shares of no par value in the Company to Siemens AG, increasing the Company’s total number of issued shares to 99,115,777. The new shares will be admitted to AIM for the commencement of trading at 08:00 today,” Atlantis said in a press release.

Atlantis now owns MCT’s seabed rights, existing projects, staff and intellectual property, including tidal turbine intellectual property portfolio and the designs for MCT’s turbines. This includes its 1 MW fully submerged SeaGen turbine ‘SeaGen U’ and its 1 MW SeaGen system designed for floating deployment applications ‘SeaGen F’.

With this acquisition, Atlantis has added six projects expanding its operations to Wales, Northern Ireland and Southern England and increased the company’s project development capacity to nearly 600 MW with MCT’s six tidal lease agreements for tidal sites throughout the UK, with a total potential capacity of nearly 200 MW.

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Image: Atlantis Resources

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