Abundance launches tidal power project for P2P investors
ETHICAL peer-to-peer platform Abundance has launched a new project allowing P2P investors to fund tidal power for the first time.
Atlantis Resources, listed on the alternative investment market, is looking to raise a minimum of £2m by offering a five-year debenture paying eight per cent per year.
The money will go towards developing subsea technology used by Atlantis, repaying other debts and providing working capital.
It will also help fund MeyGen, the company’s flagship tidal project. MeyGen started generating electricity off the coast of Scotland in late 2016 and is the first multi megawatt, multi turbine tidal stream power project to begin operations.
Bruce Davis, co-founder of Abundance, said this was the first time the platform’s investors would have access to a quoted company.
“Tidal power has been top of the wish-list of our investors since the launch of Abundance,” he said.
“It is great to finally allow them to add it to their portfolio.”
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The minimum investment is £5 and the project can be held inside the Abundance Innovative Finance ISA.
Atlantis has other tidal stream projects in the pipeline in France, South Korea, Canada and Indonesia and is also working to develop a tidal barrage project in the Wyre estuary in the UK.
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Tim Cornelius, chief executive of Atlantis Resources, said there is huge potential in tidal power.
“This is the most exciting time in the history of tidal power,” he said.
“We want to raise further capital to take advantage of our recent success which will help us achieve the huge potential the ocean offers for generating clean, environmentally benign, highly predictable power across the world.
“The success of our flagship Scottish project MeyGen has significantly raised awareness of tidal as one of the most rapidly growing sources of sustainable electricity generation for the future, and this offer is a chance for ordinary investors to help it grow and share in its financial success.”