Aquamarine Power appoints administrators, seeks sale
Oyster 800 wave energy machine. Author: Aquamarine Power. License: All Rights Reserved.
Scottish wave energy company Aquamarine Power has appointed administrators to manage the business and pursue a sale of the firm or an investment, it said on Wednesday.
The joint administrators are James Stephen and Graham Newton of accountancy and business advisory firm BDO LLP. They will continue to trade the firm with a view to effecting a sale as a going concern, Aquamarine noted.
Edinburgh-based Aquamarine is the developer of the Oyster wave energy machine, a full-scale version of which is currently being tested at the European Marine Energy Centre (EMEC) in Orkney. However, the firm is having difficulties securing private sector financing to supplement public funding.
Commenting on the announcement, CEO Paddy O'Kane said that it “underscores the financial as well as technical challenge in bringing an entirely new form of energy generation to commercialisation”. He added that new private sector financing is needed for Aquamarine to deliver its technology roadmap.