Atlantis Resources PLC (LON:ARL) saw its shares edge higher today as the group revealed it has started negotiations over the site for the Wyre Valley tidal barrage project on the Lancashire Coast.
The tidal wave group has partnered with Natural Energy Wire for a tidal power scheme with 160 Mw of generating capacity to be located on land owned by The Duchy of Lancaster. The negotiations concern a long term lease for the site.
The river Wyre’s estuary has one of the highest tidal ranges in the UK. It is also tidal for 23km and being relatively narrow seen as ideally suited to extracting power from the tidal flow.
Part of the contract involves the construction on an 'electric bridge' across joining Fleetwood to Knott End. The bridge will create a new pedestrian and cycle route between the towns.
Permitting for the £340mln scheme is expected to take three years approximately three years
Hugely exciting opportunity, says CEO
Tim Cornelius, Atlantis’ chief executive, said Wyre Valley was a hugely exciting opportunity to showcase the UK's world leading commercial tidal energy potential.
“The project will help to stimulate the local economy in Fleetwood, bring wider benefits to the region, and represent a cost-effective option for clean, large scale domestic power production.
"This will be a major project for our Atlantis Energy division as we continue our diversification strategy and we look forward to working with the Duchy of Lancaster."
In late afternoon trading, Atlantis shares were 1.2%, or 0.5p higher at 42.0p.
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