Pelamis Wave Power, the leading wave energy technology and company, has entered bankruptcy administration in the UK. The directors said they had been unable to secure the additional funding required for further development. The board moved to appoint an administrator to assess the options for securing the future for the business and employees of Pelamis.
Blair Nimmo and Gary Fraser of KPMG have now been appointed as Joint Administrators of Pelamis Wave Power.
Pelamis recently received a strong endorsement of its leading wave energy technology position from independent consultants following a series of due diligence exercises. This work included detailed assessments of the onward commercial viability of the technology and designs.
The combination of more than 350 person-years of experience in the team, some 15,000 hours of real grid connected test data and intensive parallel R&D work gives Pelamis a strong platform from which to develop and demonstrate the viability of its technology for commercial deployment at scale.