NORWEGIAN utility Statkraft has decided to plough some £4million into tidal power developer Atlantis Resources.
The investment, through a private placing, gives Statkraft a minority holding in Atlantis and is part of Statkraft’s commitment to tidal power as a new and promising form of renewable energy. Statkraft says the agreement with Atlantis secures access to cutting-edge expertise and a presence on the board, as well as exclusive negotiating rights regarding participation in material projects initiated by Atlantis to develop tidal energy in the UK and Canada.
Statkraft and Atlantis will also collaborate on licence applications for the Pentland Firth, with licences to develop up to 700 megawatts of marine energy due to be allocated by the Crown Estate this year.
“The tidal power sector in Europe is poised for immense growth over the next decade and, with Atlantis, we will be well placed to secure a pole position in this market,” said Nicolai Gedde, VP for marine energy at Statkraft.
Statkraft has been investing in tidal power for several years through its holding in Harstad-based technology company Hydra Tidal Technology. In December, 2008, Statkraft and its Northern Ireland-based partners, B9 Energy and Deepblue Renewables, founded the consortium, Thetis Energy, to develop tidal power off the coast of Northern Ireland.
Tidal power is also an important element of Ocean Energy, a long-term R&D programme initiated and partly funded by Statkraft in collaboration with leading Nordic universities.
Statkraft describes itself as Europe’s largest renewable energy company. For 2008, the company posted gross operating revenues of £2.88billion (3.1billion euros). It employs 3,000 staff in more than 20 countries.
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