Atlantis Resources, Hyundai Sign Partnership Agreement on Ocean Power

Atlantis Resources Ltd. has signed a Strategic Partnership Agreement (SPA) with South Korean offshore construction giant Hyundai Engineering & Construction Co., Ltd regarding collaborating on the development of ocean power renewable projects globally. 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.

Hyundai is a major construction company specializing in plant construction, power plant facilities construction, building works, nuclear power plant construction, civil and environment works including infrastructures such as land development, marine and dredging works, highways, bridges, railways and water resources.

Although the SPA is global and wide-reaching the initial objectives 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 (barrage and lagoon) projects globally.

Tim Cornelius, CEO of Atlantis, commented, “We are delighted to enter into this agreement with such a highly respected, substantial and experienced company like Hyundai E&C. We have very complementary skills and experience in the marine power sector. Hyundai is seeking to expand into the construction of offshore energy projects in South East Asia and abroad, while Atlantis requires construction partners to build out our portfolio of tidal power projects in South East Asia. We want to leverage Hyundai’s expertise to accelerate existing projects and to secure additional capacity both in the region and globally.”

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