May 12 (Renewables Now) - Atlantis Resources Ltd (LON:ARL) has agreed to collaborate on the development of ocean power projects around the world with Hyundai Engineering & Construction Co Ltd (KRX:000720).
The marine power developer today announced the signing of a strategic partnership agreement with the South Korean construction group. While the scope of the pact is global, the initial focus includes the development of a 100-MW tidal stream project in the south of Korea. The partners will also aim to progress tidal stream projects Atlantis is pursuing in South East Asia, including in Indonesia and the Philippines. They will further seek to design cost effective foundations for tidal stream and offshore wind turbines, and will look at opportunities to partner on the construction of tidal range projects globally.
Atlantis chief executive Tim Cornelius said that the two companies have very complementary skills 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," he explained. "We want to leverage Hyundai's expertise to accelerate existing projects and to secure additional capacity both in the region and globally," Cornelius added.