April 7 (Bloomberg) -- Atlantis Resources Corp., a Morgan Stanley-backed maker of tidal turbines, will work with Dongfang Electrical Machinery Co. to test its technology in China.
The program, an extension of a previous agreement between the companies, will see Atlantis test its device onshore in Hangzhou, in China’s southeast, the Singapore-based company said today in an e-mailed statement. Thereafter it plans to install a 1-megawatt turbine offshore Zhejiang province that will be the first commercial-scale tidal turbine in China, it said.
Dongfang also made Atlantis the sales agent in markets outside of China for products including hydropower, pumped storage and tidal-range technologies, the company said.
“As well as helping to develop our supply chain and identify sales and project development opportunities in China, the agency agreement will have a near-term positive impact on our cash flows as we will receive a commission on the sale of any product or service secured by Dongfang from an Atlantis-initiated opportunity,” Chief Executive Officer Tim Cornelius said in the statement.
There are no commercial-scale wave or tidal stream projects operating anywhere in the world as developers continue to test prototype devices and bring technologies to market. Atlantis is working with Lockheed Martin Corp. to develop a 1.5-megawatt turbine.
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