Pelamis Wave Power Goes into Administration
- Business & Finance
The directors of Pelamis Wave Power have announced that they have been unable to secure the additional funding required for further development of the Company’s market leading wave energy technology.
As a result of this, the board has moved to appoint an administrator to assess the options for securing the future for the business and employees of Pelamis.
Following a series of due diligence exercises, Pelamis recently received a strong endorsement from independent consultants as the world’s most advanced wave energy technology and company. This work included detailed assessments of the onward commercial viability of the technology and designs. The combination of over 350 man-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 unique platform from which to develop and demonstrate the viability of its technology for commercial deployment at scale.
Blair Nimmo and Gary Fraser of KPMG have been appointed as Joint Administrators of Pelamis Wave Power. The directors and employees of Pelamis are dedicated to the success of this revolutionary technology, and are committed to working with the Administrators, the Scottish and UK Governments and any future partners to ensure its success.
Source: Pelamis Wave Power