Hyundai, Atlantis sign agreement to explore global marine energy development

http://bit.ly/2qleOfA

Scotland’s Atlantis Resources Ltd. has signed a strategic partnership agreement with Hyundai Engineering & Construction Co., Ltd., to collaborate on the global development of marine energy projects.

The companies said the primary goals of the agreement include:

  • Designing and developing a 100 MW tidal stream project off Korea’s southern coast;
  • Progressing the design, development and delivery of tidal stream projects in southeast Asia;
  • Designing cost-effective foundations for tidal stream installations; and
  • Exploring opportunities to partner on the construction of other types of tidal projects worldwide.

"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 southeast Asia," Atlantis CEO Tim Cornelius said. "We want to leverage Hyundai’s expertise to accelerate existing projects and to secure additional capacity both in the region and globally."

The move continues Atlantis‘ push into Asia. The company announced in March that it had signed a deal to supply equipment for a 150 MW project in Indonesia.

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