Aquamarine follows Pelamis

Second wave power company collapses

AquamarineWave energy company Aquamarine Power, which only recently received a £580,000 grant from the European Union, has called in administrators.

The Edinburgh firm said its 14 employees would be retained as attempts were made to sell it as a going concern.

The company has been trialling wave energy converters, called Oysters, at the European Marine Energy Centre in Orkney.

Its collapse follows the failure in November last year of Leith-based Pelamis which was unable to secure development funding.

James Stephen, from administrator BDO, said the economic climate had “significantly affected” Aquamarine’s business.

He added: “The lack of private sector backing to supplement public funding support placed the company under cash flow strain and the directors concluded the best prospect of concluding a transaction was via the protection of administration.

“The company holds liquid funds which will allow this strategy to be pursued.

“We are continuing discussions with interested parties who were in discussions with the company prior to our appointment and are working closely with the Aquamarine Power board to engage with other potential purchasers.”

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