Peer2Peer Finance News
The UK's first peer-to-peer finance magazine for investors and the industry
  • Home
  • News
    • Personal Finance News
    • Industry News
    • SME News
    • Global News
  • Property
  • IFISA
    • IFISA Guide
  • Video
  • Open Banking
  • Cryptocurrency
  • Features
    • Joint Ventures and Promoted Content
  • Comment & Analysis
  • What is P2P?
  • Partners
  • Events
    • Past Events
  • P2P Power 50
    • Power 50 2020
    • Power 50 2019
    • Power 50 2018
    • Power 50 2017
  • Sign up to our e-newsletters
  • Magazine
  • Directory
  • Jobs
  • My Account
    • Manage Account
    • Change Password
    • Log In
    • Log Out
shutterstock_262604786
June 27 2017

Abundance launches tidal power project for P2P investors

Marc Shoffman Industry News, News Abundance, Atlantis Resources, Bruce Davis, MyGen, p2p, Scotland, tidal, Tim Cornelius

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.”

Read more: P2P investors can now back Green Deal loans

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.

Read more: Abundance receives £10m boost from IFISA

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.”

Read more: UK faces setback on crowdfunding talks following Brexit

Welendus trademarks AutoMatch and AutoDiversify P2PGI continues to grow NAV six months on from strategy change

Related Posts

magnifier

Industry News, News, Top 3

Trade association calls for more FCA scrutiny

FOLK2FOLK - Roy Warren MD - head crop (col)

Industry News, News, Top 3

Folk2Folk eyes £100m from institutions as it expands nationally

the acronym fca for Financial Conduct Authority concept represented by wooden letter tiles

Industry News, News, Top 3

FCA to publish initial supervisory work on consumer credit guidance

Popular posts:

  • Chancellor unveils recovery loan scheme
  • Budget outlines plans for £15bn of green bonds in 2021
  • FCA warns The House Crowd investors against using…
  • Government to launch replacement future fund scheme
  • BBB sets out further details on recovery loan scheme
  • Cyan Finance launches IFISA to help investors go green
Back To Top
  • Home
  • Contact
  • About
  • Team
  • Advertising
  • Subscribe
  • Privacy
  • T&Cs
  • Disclaimer

Follow Us on Social Media

© Peer2Peer Finance News 2020
• Additional design by