Norway’s Statkraft acquires stake in Atlantis Resources tidal firm

Norway utility Statkraft announced it has invested 45 million kroner (US$6.7 million) to acquire a minority stake in Singapore-based tidal power company Atlantis Resources Corp.

Statkraft said the agreement gives it access to cutting-edge tidal power expertise and a presence on the Atlantis board. In 2008, Atlantis completed trials of its Solon deep-water tidal current turbine. The most recent version of its Nereus shallow-water turbine has been operational and grid-connected for more than nine months off Melbourne, Australia.

Statkraft said the acquisition gives it rights to participate in Atlantis projects to develop tidal energy in the United Kingdom and Canada. It said it also would collaborate on license applications for tidal development in Scotland’s Pentland Firth.

The United Kingdom’s Crown Estate took applications for pre-qualification in December from wave and tidal power developers aimed at developing 700 MW of ocean generation in Pentland Firth by 2020. (HNN 2/2/09)

Atlantis and Internet data center developer Internet Villages International Ltd. formed a strategic alliance this year to develop tidal-powered data centers at Pentland Firth in northern Scotland and in Dumfries and Galloway council area in southern Scotland.

“Our investment in Atlantis supports our marine energy strategy, which calls for investment in developing tidal power technology as well as areas suitable for the construction of tidal power facilities,” Statkraft Vice President Bjorn Holsen said. “The relatively small scale of these facilities and their closeness to land mean that tidal power is well on the way to competing on cost with other new sources of renewable energy.”

Statkraft has been investing in tidal power for several years through its holding in Norway-based Hydra Tidal Technology. In December Statkraft and Northern Ireland’s B9 Energy and Deepblue Renewables founded a consortium, Thetis Energy Ltd., to develop tidal power off Northern Ireland.

Atlantis recently acquired the Blue Datacentre project from U.S.-based investment bank Morgan Stanley as part of its acquisition of Current Resources Ltd., a tidal developer with a global project pipeline of more than 800 MW. (HNN 9/15/08) At that time, Morgan Stanley increased its stake in Atlantis, becoming its largest shareholder.

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