Winner of All-Energy Marine Renewable Investment Challenge Announced

The winner of the All-Energy Marine Renewable Energy Investment Challenge sponsored by Atlantis Resources was announced today (11 May) at the end of the plenary session: ‘The effects of Brexit on the renewable and low carbon energy sectors’.

Tim Cornelius, Chief Executive of Atlantis Resources has a strong panel of experts to judge the five Investment Challenge finalists:

• Nick Stamp, Director, Macquarie Capital
• Cameron Smith, Partner, Ashurst
• Ben Brewerton, Director, FTI Consulting
• Jonnie Cox, Managing Director, Cantor Fitzgerald

As Tim was not able to be present, his remarks were read by Judith Patten MBE, Conference Project Director of Reed Exhibitions’ All-Energy:

“After a long deliberation and much vigorous debate, the panel agonised over selecting a winner.

“We want to thank all of the participants and we will directly contact each of them with detailed feedback from the judges.

“Joe Hulm, Director, Ocean Energy Advisors pitched a product that the marine industry desperately needs and identified a clear gap in the market.

“Peter Fraenkel, Director Fraenkel Wright, put forward a compelling case for larger rotor diameter turbines to rapidly reduce LCOE - enabling tidal power to remain competitive with offshore wind.

“David Carrascosa, Chief Tech Officer, Saitec delivered a very high quality presentation around a very well thought out product with a clearly defined path to test and verify the SATH platform.

“Graeme Mackie, Founder, Ocean Flow Energy, delivered a highly credible pitch to develop Starflow which the panel believes has a high probability of being commercialised.

“However, there can be only one winner, and this year, the panel selected Joachim Amland from Tidetec from Norway.

“The panel was impressed by the clearly set out investment proposition, the quality of the business plan and presentation, the realistic valuation and the path set out to commercialisation.

“The panel will be in contact with Tidetec to set up working sessions in London to build up their business plan to assist them on their future funding rounds.

“Well done to all participants and my personal thanks to all of the judges who donated their time so generously.”

Tidetec, who presented their tidal lagoon ‘two-way hydropower’ technology, wins £10,000-worth of invaluable advice from lawyers, stockbrokers, investment bankers, accountants communications experts and marketeers.

Yesterday (10 May) Tim Cornelius was presented with the Lennard-Senior Prize by Steve Hall, CEO of The Society for Underwater Technology. The presentation to a surprised Tim was made at the end of a packed session ‘The tidal power LCOE race – who will win, why and by when?’ which he had masterminded in his capacity as Chairman, MeyGen.

It involved the industry’s leading stream, lagoon and barrage developers who debated which projects will be able to compete with Pot 2 technologies and by when, in an unscripted debate format that encouraged audience participation and involvement.

All-Energy has Shepherd and Wedderburn as its Headline Sponsor and is held in association with the Renewable Energy Association (REA); Highlands and Islands Enterprise; Scottish Enterprise; Aberdeen Renewable Energy Group (AREG) and host city Glasgow. The Society for Underwater Technology is the show’s learned society patron. A further 40 organisations including government departments, professional bodies and trade associations act as supporters of the two-day annual event.

ENDS

Contact details for the winner
• Tidetec AS: Joachim Amland Joachim@tidetec.no

Contact details for other finalists:
• Fraenkel-Wright: Peter Fraenkel - peter.fraenkel@fraenkelwright.com
• Ocean Energy Advisors: Joe Hulm - joe.hulm@oceanenergyadvisors.com
• Oceanflow Energy: Graeme Mackie - gmackie@oceanflowenergy.com
• SAITEC: David Carrascosa - davidcarrascosa@saitec.es

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