Atlantis Resources has raised approximately £6.5 million through the placing of 11.8m new shares at a price of 55 pence per share.
The proceeds will be used to fund project development activities across the Atlantis project portfolio and working capital.
Phase 1A of the 398MW tidal turbine array in MeyGen project in the Pentland Firth is expected to produce first power by the end of this year, paving the way for the build out of further capacity.
The MeyGen project is the largest consented tidal stream power project in Europe.
Phase 1B will add a further 6MW of capacity, followed by 74MW of capacity in Phase 1C bringing the aggregate installed capacity at the site to 86MW. Grid connection agreements and consents are already in place for this build out, and Phase 1B has €17 million of grant funding attached.
The proceeds of the placing will also be used to assist in bringing Phase 1B to financial close and to accelerate development of Phase 1C to achieve financial close in 2017.
The proceeds will also help achieve financial close for the Sound of Islay project on the west coast of Scotland. This 10MW project has a grid agreement and consents in place, and €21 million of grant funding awarded through the European NER300 programme.
At the same time, Atlantis has announced a provisional maiden profit of £2.7 million – largely generated by an accounting gain on the acquisition of Marine Current Turbines Limited from Siemens – ahead of its annual results at the end of next month.