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Hyundai, Atlantis inks tidal stream partnership

Written by  AOG Staff Monday, 15 May 2017 08:07
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South Korea's Hyundai Engineering & Construction and tidal energy firm Atlantis Resources signed a strategic partnership agreement (SPA) to collaborate on ocean power renewable projects, including targeting a 100 MW tidal stream project in South Korea. 

The SPA will be spread across the domestic tidal stream market in South Korea and internationally, as well as tidal range and floating offshore wind projects.

Initial objectives are to initiate the design and development of a 100MW tidal stream project in the south of Korea; progress the design, development and delivery of tidal stream projects Atlantis is pursuing in South East Asia, such as Indonesia and the Philippines; design cost effective foundations for tidal stream and offshore wind turbines; and explore opportunities to partner on the construction of tidal range (barrage and lagoon) projects globally.

Tim Cornelius, CEO of Atlantis, says: “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. We want to leverage Hyundai’s expertise to accelerate existing projects and to secure additional capacity both in the region and globally.”

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