Tidal Energy firm Atlantis Resources is relocating its corporate headquarters from Singapore to Scotland.
The AIM-listed business said the move was a “natural progression” as its flagship MeyGen tidal array in the Pentland Firth moves further into the construction phase and its scope of interests in the UK has widened over the past year.
It is setting up a turbine assembly facility at the Nigg yard on the Cromarty Firth and has other licences for tidal development around the UK.
All finance and administration functions in Singapore will be moving to the existing projects office in Edinburgh, located on the capital's George Street.
However the plan has seen Atlantis chief financial officer Duncan Black decide to step down as he does not want to move his family from Asia.
He will remain on the board as a non-executive director and said: "It is not without regret that I have made the decision to remain in Singapore and step down as CFO of Atlantis. I look forward to my new role as a non-executive director and will work to ensure that there is a seamless handover to my replacement. I remain confident that the outlook for Atlantis is positive and intend to remain a long-term shareholder."
Simon Counsell has been appointed as the new finance head and will join Atlantis in mid-November.
Mr Counsell is currently the finance director for the UK and Netherlands at power generation company InterGen (UK), where he has been since 2003.
He said: "I am very excited to be joining Atlantis. I have long been impressed with the business and its leading position at the helm of a burgeoning global tidal power sector and look forward to building on the very strong foundations which have been established."
John Neill, chairman of Atlantis, said: “I am delighted that we have appointed Simon as CFO as he brings with him a wealth of experience in financial management within the global power generation industry, strong finance-related technical skills and a track record of playing an integral role in achieving business growth.”
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