Atlantis Resources Corporation, a major tidal energy developer, has confirmed that it has had talks with Highlands and Islands Enterprise (HIE) over a series of linked projects it is considering on the coast of the Pentland Firth in Caithness. Its plan is to establish a computer data centre (Call Centre?) near the Castle of Mey. This would be powered by tidal energy from the Pentland Firth; and surplus heat from the building would be used to warm greenhouses growing organic food under Prince Charles’s Mey Selections.

A major shareholder in Atlantis is the US bank, Morgan Stanley, not untroubled by the current financial crisis in the banking world. About a month ago the Japanese banking giant, Mitsubishi UFJ, took a 20% stake in Morgan Stanley, enabling the shaken bank to shore up its capital base. Moreover the depth of the relationship between Morgan Stanley and Atlantis is relatively new and speculative. The bank’s major shareholding dates only from 8th September this year.

Perhaps understandably, Morgan Stanley is being more cautious than Atlantis in its public statements on this project. They are simply saying that the proposals are at a very early stage.

On the other hand, Atlantis are talking enthusiastically about progressively creating no fewer than 700 jobs in the area. Its Head of Business Development, Dr James Mitchell, sees their proposed project soaking up the jobs lost at the fault-ridden Dounreay nuclear power plant, now into the long process of decommissioning.

HIE’s Roy KIrk, confirming that the enterprise agency has had talks with the principals on this proposal says, a little breathlessly: ‘We have been working with a number of companies over the last 12 months and are delighted to be working with companies like Morgan Stanley and Atlantis’.

Atlantis has certainly done its local homework and is overtly pushing a series of strategic buttons of the moment: tidal energy, energy conservation, the Pentland Firth, Doonreay, job creation (in big numbers), Prince Charles, organic food, Mey Selections…

After Argyll’s painful experience with Vestas, where the international wind turbine manufacturer took the money (from HIE) and ran (from Campbeltown) as soon as its contract period was up, a word of caution should not come amiss.

If the Pentland Firth is, as the First Minister memorably describes it: ‘the Saudi Arabia’ of renewable energy, then major companies wanting a slice of the action should be in a position to take the investment risk themselves. Atlantis describes itself as one of the world’s key developers of tidal energy.

The Crown Estate, as we have reported earlier, is to ask in mid-November for expressions of interest in commercial scale development of marine energy in the Pentland Firth. In January they will then send applications packs to the interested parties.

Useful background information:

• Atlantis Resources Corporation
• Morgan Stanley and Atlantis

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