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Ocean Trials Prove Solon™ the Most Efficient Tidal Current Turbine Ever Tested

Source: Press Release 29-Sep-08

Commercial launch of 2MW Solon™ turbines expected in summer 2009

29 September, 2008: Atlantis Resources Corporation (Atlantis or the Company), one of the worlds leading developers and manufacturers of electricity-generating tidal current turbines, today announced that it has successfully completed trials of its Solon™ tidal current turbine. Atlantis has previously conducted numerous successful trials of its Nereus™ family of turbines designed for shallow water tidal, current and river installations. The commercial launch of a 2MW Solon™ turbine is now expected as early as summer 2009 and Atlantis is actively reviewing potential installation opportunities in the United Kingdom, Australia, Asia and the USA.

Solon™ is a horizontal axis turbine targeted for deep open water deployment and is ideally suited to floating arrays in water depths exceeding 40-50 meters. Through utilisation of a unique swept back blade design and a specially engineered power take-off system, the turbine produced in excess of 500kW in 8 knots of water flow during testing, representing over 50% throat efficiency; making it the most efficient tidal turbine ever ocean tested.

The five day tow testing program was conducted off the coast of Singapore and involved the mobilisation of the 20 tonne horizontal axis turbine (seven meters in diameter and eight meters in length), on a flat top barge pulled by two ocean going tugs. The turbine was constructed based on Atlantiss Solon turbine performance model, as developed by the Companys Head of Research and Development, Dr John Keir, and the test findings will be used to further develop this model . Atlantis will commence fabrication of a final Solon™ design for testing later this year, before embarking on the construction of a commercial scale 2MW turbine in early 2009.

Commenting, Timothy Cornelius, Chief Executive Officer of Atlantis said: We are hugely excited by Solons™ performance during testing and, more importantly, the close correlation of the actual performance to the expected performance predicted by  Atlantis theoretical model, which we have invested heavily in over the past 12 months.  This is the result of ten years hard work and the investment and is testament to our rigorous engineering discipline and application of cutting-edge technology in the design process. Atlantis is now in the very well positioned to deliver a market leading, commercial scale solution, which we expect to be able to launch to the market in summer 2009.

Combined with our unique business development capabilities following the acquisition of Morgan Stanleys tidal project origination business, this positions Atlantis as a leading player in the global roll-out of commercial scale tidal current generation.

Dr John Keir, Head of Research and Development at Atlantis, added: We have been working on the blade design and for over 12 months and were able to draw on the lessons learned during the three years of Nereus™ turbine development for the power take-off system.  After more than a year of computational fluid dynamics modelling, we were very confident that Solons™ performance capabilities would be consistent with those in our expectations.

Ultimately we believe that efficiencies in excess of 60% will be achievable for turbines capable of producing more than 4MW each, within the next two years. Our turbine designs and testing regimes are testament to the skills and close integration of our highly experienced development and operational teams and reflect the market demand for highly efficient, cost effective, reliable tidal current turbines.

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For more information, please contact FD:

Oliver Williams
+44 207 269 7294

Alastair Hetherington
+852 3716 9800

Cameron Hamilton
+61 (2) 8298 6100

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About Atlantis Resources Corporation

Atlantis is a global pioneer in the development, manufacture and commercialisation of tidal current energy generation technology.  Its turbines generate clean, renewable energy by harnessing the immense power contained in moving bodies of water.  The company has already achieved a series of significant industry firsts.

Together with the backing of Morgan Stanley as a major shareholder, its highly experienced management team has the commercial insight and access needed to execute large-scale, tidal current energy generation arrays worldwide – the only truly scalable and predictable, carbon-neutral energy resource.

Atlantis has developed two families of patented and complementary sub-sea turbines, Nereus™ and Solon™, which have been developed over a decade of field trials and have been independently rated as two of the top five global tidal technologies for performance, efficiency and commercialisation potential.

Similar to the early pioneers of the wind energy sector, Atlantis strategy is based on a manufacturer and developer model for tidal current projects globally.  Through its newly-acquired project development subsidiary, Current Resources Ltd, Atlantis will develop proof-of-principle projects deploying Atlantis turbine technology.  It is also already in a position to sell turbines to utilities, mainstream energy companies and renewable energy developers who require test turbine installations to secure their sites.

Atlantis was founded in 1996.