Atlantisstrom seeks finance to advance its tidal technology

Atlantisstrom, a German-based tidal energy developer, is seeking investment to complete the tidal power plant in Faroese islands, part of Denmark.

According to Atlantisstrom, the segment of the tidal power plant on the Faroese islands has already been completed and connected to the public electricity grid.

The permission to install and connect power plant consisting of four segments is likely to be granted, Atlantisstrom said, but the company doesn’t have the necessary resources to fund it.

However, the existing Atalntisstrom device has experienced damage within flabs. The reparation costs of the damaged flabs amount to €150.000, the company said.

Atlantisstrom tidal station is completely submersed, and rotates only three to five times per minute according to the speed of the current, with the flats moving 15 km/h max.

The company said the total costs of the four segment power plant amount to €2 mln.

Image: Atlantisstrom