Administrators Set Pelamis Closing Date

Interested parties have until 10:30am on Tuesday to submit their offers for Pelamis Wave Power Limited’s business and its assets.

 Mr Nimmo, head of restructuring at KPMG in Scotland, said: “We have been encouraged by the level of initial interest in Pelamis and we believe there is the will and desire to see the continuation of the ground-breaking advances the business has made towards renewable energy production.”

The designer, manufacturer and operator of Pelamis wave energy converter entered administration last month after failing to secure new development funding.

As a result, 40 out of 56 staff has been made redundant by KPMG in an effort to keep the company afloat.

Joint administrators noted it will take some time to review all the terms and conditions being offered prior to selecting the preferred bidder.