Atlantis take-over of Siemens subsidiary is ‘most significant marine power sector deal’ for years

Atlanatis MeyGen-image-21-nov-2011jpgGerman industrial conglomerate Siemens is now the second-largest shareholder in Atlantis Resources, which is building the world’s largest marine/ tidal power turbine farm in the Pentland Firth.

Atlantis took over Siemens’ subsidiary – the Bristol-based tidal business Marine Current Turbines – earlier this year in return for a near-10% stake in its enlarged business.

The value of the deal was not disclosed but according to industry sources it was valued at about £10 million. The deal was greeted with admiration, awe – and some envy – by the marine renewables industry at the time.

Now Sgurr Energy has published key highlights of the report it was commissioned to provide due diligence on the Atlantis-Siemens deal prior to the take-over going ahead.

A spokesman for Glasgow-based Sgurr Energy said last night: “The recent acquisition of Marine Current Technologies (MCT) by Atlantis Resources Ltd is the most significant deal in the tidal power sector for a number of years, consolidating two world leading tidal technologies companies.

“The deal creates one of the largest portfolios of global tidal current power projects and establishes Atlantis as a significant player in the tidal power sector.”

Atlantis has now leased  premises at Nigg Energy Park for turbine assembly and testing, and will relocate activities and equipment from MCT’s existing Bristol turbine integration facility as well as Atlantis’ UK turbine assembly and testing programmes in support of the MeyGen project in the Pentland Firth (see graphic, above).

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