Carnegie and Atlantis Resources Sign Collaboration Agreement

Wave energy technology developer, Carnegie Wave Energy Limited, and UK based tidal developer, Atlantis Resources Corporation Limited have announced the signing of a Collaboration Agreement in London.

The agreement outlines a range of areas that the companies will collaborate on including technology and project development with the aim of lowering the cost of generation of both wave and tidal generation. Work has already begun on the first collaboration activity package.

Carnegie’s Managing Director, Dr. Michael Ottaviano, said: “Collaboration between developers in the marine energy space is both essential for progress to be continued to be made and inevitable as marine energy technologies and markets mature. We are delighted to be working alongside Atlantis who a leader in the tidal energy sector.“

Atlantis’ Chief Executive Officer, Mr.Tim Cornelius, said: “There are numerous synergies, both technical and commercial, that exist between wave and tidal power development and we look forward to working with Carnegie whose CETO technology is a truly unique approach in the wave energy space.”

Carnegie CETO 3 unit

The Collaboration Agreement anticipates a number of opportunities for collaboration. Both wave and tidal power involve in the design, development and manufacture of industrial scale equipment and its deployment and operation into harsh ocean environments. Developing projects for either wave or tidal requires similar competencies in site assessment, acquisition, planning and approvals. Commercially, both wave and tidal projects will also usually require similar efforts to secure finance and offtake arrangements. An initial study is underway focused on the electrical architecture of commercial CETO project.

Press Release, February 25, 2014

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