Statkraft takes pole position in tidal power

(Oslo, 30 March 2009) Statkraft has invested approximately NOK 45 million in Atlantis Resources, one of the world's leading developers of tidal power. The investment, through a private placing, gives Statkraft a minority holding in Atlantis and is part of Statkraft's commitment to tidal power as a new and promising form of renewable energy.

(Oslo, 30 March 2009) Statkraft has invested approximately NOK 45 million in Atlantis Resources, one of the world's leading developers of tidal power. The investment, through a private placing, gives Statkraft a minority holding in Atlantis and is part of Statkraft's commitment to tidal power as a new and promising form of renewable energy.

The agreement with Atlantis secures Statkraft access to cutting-edge expertise and a presence on the board, as well as exclusive negotiating rights regarding participation in material projects initiated by Atlantis to develop tidal energy in the United Kingdom and Canada. Statkraft and Atlantis will also collaborate on licence applications for Scotland's Pentland Firth, with licences to develop up to 700 MW of marine energy due to be allocated during 2009.

"The tidal power sector in Europe is poised for immense growth over the next decade and with Atlantis we will be well placed to secure a pole position in this market," says Nicolai Gedde, Vice President Marine Energy at Statkraft.

"We are delighted to welcome Statkraft, a strategically important player in European renewable energy, as a shareholder and project partner. We share a vision to develop Europe's tidal power resources on a commercial scale," says Timothy Cornelius, CEO of Atlantis Resources.

"Our investment in Atlantis supports our marine energy strategy, which calls for investment in developing tidal power technology as well as areas suitable for the construction of tidal power facilities. The relatively small scale of these facilities and their closeness to land mean that tidal power is well on its way to competing on cost with other new sources of renewable energy. Since the number of good sites is limited, it is crucial that we make our move now," says Bjørn Holsen, Statkraft's Vice President Growth.

Statkraft has been investing in tidal power for several years through its holding in Harstad-based technology company Hydra Tidal Technology. In December 2008, Statkraft and its Northern Ireland-based partners B9 Energy and Deepblue Renewables founded the consortium Thetis Energy Ltd to develop tidal power off the coast of Northern Ireland. Tidal power is also an important element of the Ocean Energy Programme, a long-term R&D programme initiated and partly funded by Statkraft in collaboration with leading Nordic universities.

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