Norway’s Statkraft forms partnership to boost tidal power in Europe

Statkraft, Europe’s largest generator of renewable energy, is joining forces with a Singapore-based developer of tidal power technology, Atlantis Resources Corporation, to develop tidal current power generation projects in Europe.

At the same time, Atlantis completed a US$14 million fundraising led by Statkraft.

Atlantis will work with the Norwegian power company to develop tidal current electricity generation projects in Europe. The agreement is a significant step forward for Atlantis’ plan to power a computer datacentre using tidal current turbines deployed offshore in Scotland’s Pentland Firth.

Timothy Cornelius, Atlantis CEO, said the two partners share the vision of developing and promoting the European tidal power market, and will work closely together towards commercial-scale deployments. “This project agreement will enable Atlantis to continue leading the way in tidal current energy generation, focusing initially on the Pentland Firth, which is unquestionably one of today’s most exciting renewable energy opportunities.”

Nicolai Gedde, Vice President of Marine Energy at Statkraft, said Europe’s tidal power sector is poised for immense growth over the next decade. “Our investment in Atlantis is consistent with our commitment to support new technologies which we believe will become important parts of the energy mix.”

The news comes at a time when the world’s first wave energy farm, inaugurated in 2008 off the west coast of Portugal, has fallen victim to the financial crisis. Shares in the majority owner of the project, the Australian infrastructure company Babcockand Brown, were suspended late last year and the assets are being sold off. The wave energy farm was installed by Pelamis, of Edinburgh, Scotland.

Atlantis is developing two tidal current turbines, Nereus, which operates in shallow water and Solon, a deep-water turbine. Both are now being prepared for commercial deployment. In 2008, the company successfully completed trials of Solon and the launch is expected in Summer 2009.

Also in 2008, Atlantis deployed Nereus in a shallow-water location near Melbourne, Australia, where it has now been in operation and connected to the grid for over 9 months.

Statkraft is Europe’s largest renewable energy company, developing and generateing hydropower, wind power, gas power and district heating. It is also involved in marine energy, osmotic power, solar power, and other emerging energy technologies.