Atlantis Resources on crest of wave with £20m share placing

Tidal power pioneer Atlantis Resources is moving into “an exciting new era” after raising £20 million in fresh funding.

The share placing will provide the Edinburgh-headquartered renewables group with working capital, pay down some debt and cover the cost of the initial engineer- ing design work relating to its power station acquisition in south Wales.

In December, Atlantis took a major step to becoming a global player by joining the business empire of billionaire industrial magnate Sanjeev Gupta.

In a reverse takeover, the Scots tidal power firm is acquiring Uskmouth power station in south Wales from Simec Energy, a subsidiary of Gupta’s GFG Alliance.

In return, Simec will receive a 49.99 per cent holding in Atlantis Resources, which will be renamed Simec Atlantis Energy.

The power station will be converted to run on pellets from waste and reopen in the final quarter of 2020 if all goes to plan.

Atlantis boss Tim Cornelius said: “We are delighted with the response to the placing and to have received such strong support from both new institutional investors and our existing shareholders.

“Our focus now is on completing the proposed acquisition of Simec Uskmouth Power and seizing the opportunities associated with GFG Alliance’s high quality renewable power asset pipeline.” 0 Tim Cornelius: strong support from investors