Ocean power may be down, but it’s not out. Atlantis Resources, a Singapore-based developer of tidal turbines, said today that it raised $14 million in funding, with Norway’s Statkraft, an energy company, coming on board as a new investor and leading the round. Statkraft put up about half of the round of financing, and joins existing backers including Morgan Stanley, the largest shareholder of Atlantis.
But Statkraft isn’t just an investor, it’s also an energy developer, and Atlantis said it plans to work with Statkraft to develop tidal power projects in Europe. Most of Statkraft’s operations are in hydro, wind and natural gas power plants, but the company also has investments in solar and tidal power, with a stake in Norway’s Hydra Tidal Technology, as well as the Thetis Energy consortium, which was set up last year to work on tidal power projects off the coast of Northern Ireland.
Atlantis already has at least one European project in the works, a data center to be powered by tidal turbines in Scotland’s Pentland Firth, and called today’s deal with Statkraft a “significant step forward” for the data center plan. In January, Atlantis teamed up with Internet Villages International on the data center project, called Alba1. Unlike some companies that are working on floating data centers powered by tidal or wave power, Alba1 will be on dry land, covering about 250 acres in southwest Scotland.
Atlantis is developing two turbines — the Nereus, a shallow-water system which the company said has been connected to the grid in Australia, and the Solon, a deep-water turbine. Atlantis didn’t say how many projects it expects to work on with Statkraft, but the company already has a hefty workload on the horizon. Last December, Atlantis said its project pipeline included more than 800 megawatts, with potential sites in the Asia-Pacific region, Australia, the UK, and North America.
Photo of Solon turbine being loaded for sea trials in Singapore courtesy of Statkraft.