Marine power firm Atlantis Resources said today that it had raised £5million through a bond offer, which has now closed.
The bond, which was offered through Abundance Investment Limited, matures in 2022.
Edinburgh-based Atlantis said the cash raised would be combined with the £4.1million generated in a recent placing to expand the company, repay debt and provide working capital.
Atlantis also said it was no longer in talks with an investor who earlier expressed an interest in subscribing for a stake in the company.
But Atlantis, the company behind the MeyGen tidal project off the coast of Caithness, will consider issuing a second bond in the next year as more development rights are secured around the world.
Atlantis chief executive Tim Cornelius said: “Our initial bond offering has been an overwhelming success. Appetite for this bond was very strong which demonstrates the public’s interest in investing in the development of tidal power projects across the globe and the predictable returns they will deliver.
“This unprecedented demand has caused us to consider follow-on offerings once new viable projects have been identified and development rights secured. The ocean is such a vast and untapped resource with many of the best project sites around the world yet to be developed.
“With the support of Abundance and our bond investors, we will unlock the economic potential of our oceans in a sustainable, predictable and environmentally responsible manner.”
Bruce Davis, founder and joint managing director, Abundance Investment, said: “It is great to see Abundance investors get behind the Atlantis Resources Ocean Energy Bond and demonstrate how ‘the crowd’ can support truly innovative UK companies with global potential.
“The bond raised £5 million from almost 1,300 individuals. We look forward to seeing the fruits of the investment over the coming months and hope to support Atlantis further in its objective of becoming the undisputed world leader in this sector.”
