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Atlantis strengthens position with Morgan Stanley deal Print E-mail
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Monday, 08 September 2008 09:37
The acquisition of Current Resources Ltd, a tidal current energy origination and project development business, from Morgan Stanley by Singapore based Atlantis Resources Corporation was announced today (8th September). As part of the deal Morgan Stanley will increase its shareholding in Atlantis making it the company's largest shareholder. In a statement issued today Atlantis said that the sale will "create a uniquely commercial force in the tidal current energy industry, able to develop and project manage major tidal current renewable energy projects globally".

Commenting on the deal Atlantis Resources' CEO, Timothy Cornelius, said: "Our vision is not only to develop leading technology but to develop and implement commercially viable projects on a global scale. The acquisition of Current Resources is a critical step in establishing Atlantis as a world-leader in tidal current energy development, with the support of Morgan Stanley, one of the global leaders in investment banking and global commodities trading."

Colin Bryce, Managing Director and Global Co-Head of Commodities, Morgan Stanley, commented: "We are excited about the opportunities that this presents for both Atlantis and for our own interests in the renewable energy sector. We believe that Atlantis will be at the forefront of renewable energy generation, achieving both scale and commercial viability in development and implementation of large scale projects. By partnering with a best-in-class organisation such as Atlantis we are building on our commitment to, and investment in, the renewable energy sector.

The company's board of directors, reflecting its focus on corporate governance and achieving rapid global development, includes senior representatives from Morgan Stanley and two other directors, and is led by Chairman Kim Manley, a substantial shareholder in the company.
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Last Updated on Monday, 08 September 2008 09:39