Pelamis in Debt GBP 16 Mln after Going into Administration

  • Business & Finance

Pelamis Wave Power, which went into administration in November 2014, had owed almost GBP 16 million before most of its assets were taken over by Highlands and Islands Enterprise (HIE). 

The largest amount that Pelamis owed was £12.86 million to Scottish Enterprise. An additional £3.5m were owed to unsecured creditors: Edinburgh Council, the University of Dundee, the University of Edinburgh, Orkney Ferries and PR company Grayling, The Scotsman writes.

In January, HIE purchased the assets of Pelamis on behalf of Wave Energy Scotland (WES), a new body which is being established to support Scotland’s wave energy sector and is fully funded by the Scottish Government.

Offshore WIND Staff; Image: Pelamis Wave Power

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