Oceanlinx Goes Under

Oceanlinx has gone into liquidation, costing its shareholders around EUR 53 million (AUD 80 million), writes Australian news site.

Namely, Australian wave energy developer went into administration earlier this year preceded by incident that affected the company financially.

During the transportation of company’s prototype generator greenWAVE the buoyancy failed leaving the device stranded approximately one kilometre off Carrickalinga Beach. This caused delays in funding which was dependent on meeting installation deadlines.

The plan was for the unit to sit 3 km offshore and transfer the electricity through a subsea cable that would connect the unit to the electricity grid. Once operational, each unit could produce enough electricity to power 1000 homes.

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 Offshore WIND Staff; Image: DPTI