Wave. Author: Barbara Walsh. License: Creative Commons. Attribution 2.0 Generic
British company Wavepower has decided to cease work on a commercially viable wave energy conversion (WEC) device, according to an announcement on its website.
The company says that as of June 19, 2017, it has stopped all of its engineering operations and procurement related activity. However, it will honour all existing commitments in the normal course of business, the brief statement mentions.
The Somerset-based firm was founded in 2013. Earlier this year it was announced that Wavepower was opening a new office at The Entrepreneur Ship, an Ireland-based marine energy-focused business incubator run by the MaREI centre.
At the time, CEO Mark Gillan said that the company has an ambition to develop a world-leading ocean wave energy technology, but admitted that it is not an easy or quick task.