We have initiated research on Atlantis Resources the vertically integrated turbine supplier and project developer/owner in the tidal power industry.
Atlantis was admitted to AIM in February 2014, raising gross proceeds of £12m at a price of 94p per share, which resulted in post IPO valuation of £72m.
Since listing the business has made significant progress and achieved financial close on MeyGen with Scottish Enterprise taking an equity stake in the project that values Atlantis’ share at £62.2m, more than double the Group’s current market capitalisation.
In addition to Meygen Atlantis has established early positions in a number of other tidal projects and has developed its own tidal turbine in partnership with US giant Lockheed Martin Corp (LMT:NYQ) and has a manufacturing partnership with China’s Dongfang Electric Corp Ltd.
The significance of the MeyGen financial close should not be underestimated as it demonstrates this small firm’s ability to secure substantial 3rd party funding from…
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