Atlantis Resources has signed a strategic partnership agreement (SPA) with South Korean Hyundai Engineering & Construction regarding collaborating on the development of ocean power renewable projects.
The particular focus for the collaboration is on the development of the domestic tidal stream market in South Korea and internationally as well as tidal range and floating offshore wind projects.
The initial objectives of the SPA are to:
· initiate the design and development of a 100MW tidal stream project in the south of Korea;
· progress the design, development and delivery of tidal stream projects Atlantis is pursuing in South East Asia, such as Indonesia and the Philippines;
· design cost effective foundations for tidal stream and offshore wind turbines; and
· explore opportunities to partner on the construction of tidal range projects globally.
Tim Cornelius, CEO of Atlantis, said: “We are delighted to enter into this agreement with such a highly respected, substantial and experienced company like Hyundai E&C.”